https://www.taxtmi.com/caselaws?id=468111 Penalty for contravention of foreign exchange law was upheld where a circular and overvalued CD-ROM import-export chain was corroborated by seizure material, overseas enquiry, and statements recorded under the Customs Act and FERA. The tribunal treated those statements as usable because they related to the same transaction, and found the clandestine nature of the dealings and the special knowledge of the persons involved sufficient to meet the preponderance of probabilities standard. Denial of cross-examination did not vitiate the adjudication because the material was independently corroborated and no sufficient prejudice was shown. en-us Thu, 25 Apr 2024 00:00:00 +0530 Thu, 16 Apr 2026 19:01:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=468111 Penalty for contravention of foreign exchange law was upheld where a circular and overvalued CD-ROM import-export chain was corroborated by seizure material, overseas enquiry, and statements recorded under the Customs Act and FERA. The tribunal treated those statements as usable because they related to the same transaction, and found the clandestine nature of the dealings and the special knowledge of the persons involved sufficient to meet the preponderance of probabilities standard. Denial of cross-examination did not vitiate the adjudication because the material was independently corroborated and no sufficient prejudice was shown. Case-Laws FEMA Thu, 25 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=468111