HC: No evidentiary value of statement which was retracted later

Manak Kala Vs Union of India & Anr. (Delhi High Court) Conclusion: Assessee could not be held guilty for violation of provisions of Section 9(1)(b) of FERA, on the sole basis of the statement of Sh. Ashish Jain, which was retracted later on as none of the orders of the authorities, namely, the Adjudicating Authority, the Appellate Authority or the Tribunal refer to any cogent material to substantiate the allegation of the commission of an offence under Section 9(1)(b) of FERA. Held:  Search was conducted at the residence of one Sh. Satish Kumar Sharma @ Pappu. An aggregate amount of ₹8,...