Tribunal waives penalties on Prakash & Shantilal Jain under Customs Act

The Appellate Tribunal CEGAT, Mumbai waived penalties of Rs. 3 lakhs on Prakash Jain and Rs. 1 lakh on Shantilal Jain under section 112 of the Customs Act, 1962, due to arguments that the gold ornaments seized might have been legally imported. The tribunal stayed the recovery of the penalties.

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The judgment by Appellate Tribunal CEGAT, Mumbai involved waiver of penalty of Rs. 3 lakhs on Prakash Jain and Rs. 1 lakh on Shantilal Jain under section 112 of the Customs Act, 1962. The penalties were imposed based on the purity of gold ornaments seized, but it was argued that the gold might have been legally imported. Considering this, the tribunal waived the penalty and stayed its recovery.

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