2008 (12) TMI 31 - SC - FEMA

What would be the effect of a retracted confession for the purpose of levy of penalty under FERA, 1973 - violation of Section 8(3) and 9(1)(a) - remittance of the foreign exchange worth US Dollars - no reliance should be placed on the retracted confessional statement unless the same was corroborated by some independent evidence - order of the Tribunal and HC cannot be sustained – assessee’s appeal is allowed - amount which is with the Department shall be refunded to the appellant