https://www.taxtmi.com/caselaws?id=467482 The appellate tribunal (AT) addressed whether Enforcement Directorate statements and seized documents could sustain penalty and confiscation under the Foreign Exchange Management Act. It applied the principle that investigative statements remain admissible unless shown to be unreliable, found the subsequent retraction to be an afterthought requiring no independent nullification, and held that the seized ledger, notebook and recipient witness statements furnished adequate documentary corroboration. The tribunal also rejected challenges to search, seizure transfer and procedural delays as not vitiating the adjudication. Outcome: appeal dismissed and penalties and confiscation under FEMA upheld against the appellant. en-us Mon, 04 Mar 2024 00:00:00 +0530 Fri, 20 Mar 2026 18:58:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=467482 The appellate tribunal (AT) addressed whether Enforcement Directorate statements and seized documents could sustain penalty and confiscation under the Foreign Exchange Management Act. It applied the principle that investigative statements remain admissible unless shown to be unreliable, found the subsequent retraction to be an afterthought requiring no independent nullification, and held that the seized ledger, notebook and recipient witness statements furnished adequate documentary corroboration. The tribunal also rejected challenges to search, seizure transfer and procedural delays as not vitiating the adjudication. Outcome: appeal dismissed and penalties and confiscation under FEMA upheld against the appellant. Case-Laws FEMA Mon, 04 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467482