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2009 (7) TMI 783 - HC - FEMAGuilty of contravention of the provisions of sections 8(1), 8(2) and 9(1)(b) of Foreign Exchange Regulation Act, 1973 (FERA) for purchase and sale of foreign exchange unauthorisedly - penalty imposed Held that:- The confessional statement can be acted upon in spite of the retraction. Therefore, the Authorities below rightly acted upon the confessional statement and held the present appellant guilty of the charges. In view of the facts and circumstances of the case, we do not find that the Authorities below committed any error in drawing the conclusions. There is nothing to show that the findings are perverse in any manner. Therefore, no question of law is involved in the present appeal. Appeal dismissed.
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