https://www.taxtmi.com/caselaws?id=789461 A retracted statement is not inadmissible merely because it was withdrawn; it may still be relied on when supported by independent, cogent corroboration. The seized notebook, diaries, loose sheets, cash, phone records and other statements were treated as sufficient corroborative material to sustain the finding of contravention under FEMA. The Tribunal also considered mitigating factors, including financial distress, physical disability and relative involvement, and reduced the penalties on equitable grounds without disturbing the liability finding. en-us Wed, 19 Nov 2025 00:00:00 +0530 Thu, 09 Apr 2026 08:09:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=789461 A retracted statement is not inadmissible merely because it was withdrawn; it may still be relied on when supported by independent, cogent corroboration. The seized notebook, diaries, loose sheets, cash, phone records and other statements were treated as sufficient corroborative material to sustain the finding of contravention under FEMA. The Tribunal also considered mitigating factors, including financial distress, physical disability and relative involvement, and reduced the penalties on equitable grounds without disturbing the liability finding. Case-Laws FEMA Wed, 19 Nov 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=789461