Tonda was the only witness who actually gave evidence in person, and he was cross-examined by the FA's barrister. The FA called no live witnesses. It relied on written statements from the earlier EFL case, mainly from the junior analysts and staff.
That made a big difference. Where Tonda's version clashed with those written statements (for example, who picked who went to Oxford, or whether anyone objected to him directly), the panel mostly sided with Tonda. Their reasoning was that they'd heard him answer questions under pressure, while they couldn't question the other people at all. They were careful to say this wasn't calling the staff liars, just that untested written evidence carries less weight.
And because Tonda had already admitted all three charges, the panel's main job wasn't deciding guilty or not guilty. It was deciding how bad it was and what the punishment should be.
One caveat: The ruling says either side can challenge it, so if the FA thinks it was too soft, they could try to get an actual ban imposed.