https://www.taxtmi.com/caselaws?id=467691 Retractions of statements did not displace confiscation and penalty findings where contemporaneous oral and documentary material, including seized currency, search records and writings, corroborated foreign exchange dealings. The tribunal treated the recovered documents as business records evidencing attempts to buy and sell foreign currency, and rejected the claim that the seized Indian currency represented accounted business receipts as an afterthought. On that evidentiary basis, contraventions of foreign exchange law were established and the confiscation and penalty order was sustained. en-us Thu, 20 Jun 2024 00:00:00 +0530 Mon, 30 Mar 2026 19:50:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=467691 Retractions of statements did not displace confiscation and penalty findings where contemporaneous oral and documentary material, including seized currency, search records and writings, corroborated foreign exchange dealings. The tribunal treated the recovered documents as business records evidencing attempts to buy and sell foreign currency, and rejected the claim that the seized Indian currency represented accounted business receipts as an afterthought. On that evidentiary basis, contraventions of foreign exchange law were established and the confiscation and penalty order was sustained. Case-Laws FEMA Thu, 20 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467691