9911796707
TMI Blog2018 (1) TMI 1222X X X X Extracts X X X X X X X X Extracts X X X X ..... indulged in two transactions and also he was in touch with a person in Dubai as per his own statement though retracted later on. A statement made under oath has to be taken as true, unless there is contra evidence to dispel that presumption. Mere retraction of a statement made under oath cannot help the appellant to get relief from the consequences of violations of an act. Thus the elements of contravention of section 3 FEMA have been established in the present case. As considering the financial condition of the appellant, the penalty amount is reduced to ₹ 2 lac as agreed by the appellant to deposit within eight weeks from today. Let the appeal be dispose of on these terms by modifying the impugned order by reducing the penalty ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y to collect amounts from one Sh. Rattan Das of Bangalore under instructions from abroad, he stated that after his return from Dubai to arrange some business, who directed him to make payments to persons in India as per arrange some business, who directed him to make payments to persons in India as per arrangements made from aboard by him, for which the appellant received commission. On further questioning, in his answer, the appellant stated before the Enforcement Authority that he received ₹ 10 Lakhs during November, 2007 and ₹ 1.5 Lakhs during December, 2007 from unknown persons under instructions from Sh. Rabbu and he was not aware of details of details of persons to whom he handed over the said amounts (Para.6). ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ement of the Appellant Noticee as per the dictum of the Hon ble Supreme Court in the case of Telestar Travels Pvt. Ltd. Ors. v. Special Director of Enforcement [(2013) 9 SCC 549] as the contents of the retracted statement was corroborated with the seized document and the same is hence admissible in evidence. Moreover, conviction can also be based on the retracted statement of the co accused as per the Hon ble Supreme in K I Pavvuny v. Asst. Collector (Hqrs.) 1997(69) ECIR 209 (SC) 7. The elements of contravention of section 3 FEMA have been established in the present case. Reliance is placed on Paragraph 17 the Impugned Order as Placed below: In harwala transactions, the main aspect is secrecy and stealth. Most of the facts relati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Considering the overall facts and circumstances of the matter, I am of view that as far as merit of appeal is concerned, the impugned order does not suffer for any infirmity, however considering the financial condition of the appellant, the penalty amount is reduced to ₹ 2 lac as agreed by the appellant to deposit within eight weeks from today. Let the appeal be dispose of on these terms by modifying the impugned order by reducing the penalty 50% of the penalty imposed only to this extent. However, it is clarified that in case the said amount is not deposited by the appellant within eight weeks, the appeal shall be treated as dismissed and under these circumstances the respondent would be entitled to recover the entire penalty amoun ..... X X X X Extracts X X X X X X X X Extracts X X X X
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