Appellate Tribunal ruling on FERA offense issues: seized funds, under-invoicing, reliance on statements, penalty reduction, refund directed.

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....The Appellate Tribunal addressed various issues regarding the Foreign Exchange Regulation Act (FERA) offense, including confiscation of seized funds, under-invoicing imports, reliance on statements, denial of cross-examination, and charges of contravention. The Tribunal found the statements made by the Appellant to be true and voluntary, upheld the validity of the Show Cause Notices (SCNs), and established charges of contravention against the Appellant. The Tribunal reduced the penalty amount imposed and ordered adjustment of the pre-deposit. The Tribunal also set aside certain charges and directed a refund. The Appellant, now deceased, was represented by legal heirs.....