https://www.taxtmi.com/caselaws?id=790733 Contravention of foreign exchange law was upheld where contemporaneous statements and record evidence showed recovery of foreign currency from the appellant's personal custody at the shop premises, and the explanation that it belonged to a customer was rejected. The material supported a finding that the appellant dealt in foreign exchange without authority, attracting liability under FEMA. However, the penalty was moderated in the interest of justice, and the amount was reduced, granting partial relief while sustaining the contravention and penalty liability. en-us Thu, 12 Mar 2026 00:00:00 +0530 Wed, 29 Apr 2026 08:24:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=790733 Contravention of foreign exchange law was upheld where contemporaneous statements and record evidence showed recovery of foreign currency from the appellant's personal custody at the shop premises, and the explanation that it belonged to a customer was rejected. The material supported a finding that the appellant dealt in foreign exchange without authority, attracting liability under FEMA. However, the penalty was moderated in the interest of justice, and the amount was reduced, granting partial relief while sustaining the contravention and penalty liability. Case-Laws FEMA Thu, 12 Mar 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=790733