Treaty benefit, goodwill depreciation and hedging costs: export commission disallowed, while key business deductions and depreciation claims succeeded...
Undisclosed foreign asset classification requires an unexplained source; unrebutted affidavits and corroborative evidence defeated the Black Money Act...
Confiscation of smuggled gold bars/biscuits u/ss 111(b), 111(d), and 111(f) of the Customs Act, 1962. The appellants failed to establish the licit procurement of the foreign-marked gold with 99.90% purity, a notified item u/s 123, thereby not discharging their burden of proving ownership. While the gold cannot be released due to unestablished ownership, the Tribunal reduced the penalties imposed on the appellants considering the roles played and the nature of the offense, deeming the initial penalties excessive compared to the gold's value. The penalty reductions were: Appellant 1 from Rs. 6,25,000 to Rs. 3,50,000, Appellant 2 from Rs. 6,50,000 to Rs. 4,00,000, and Appellant 3 from Rs. 5,80,000 to Rs. 2,00,000 u/s 112 of the Customs Act, 1962.
Confiscation of smuggled gold bars/biscuits u/ss 111(b), 111(d), and 111(f) of the Customs Act, 1962. The appellants failed to establish the licit procurement of the foreign-marked gold with 99.90% purity, a notified item u/s 123, thereby not discharging their burden of proving ownership. While the gold cannot be released due to unestablished ownership, the Tribunal reduced the penalties imposed on the appellants considering the roles played and the nature of the offense, deeming the initial penalties excessive compared to the gold's value. The penalty reductions were: Appellant 1 from Rs. 6,25,000 to Rs. 3,50,000, Appellant 2 from Rs. 6,50,000 to Rs. 4,00,000, and Appellant 3 from Rs. 5,80,000 to Rs. 2,00,000 u/s 112 of the Customs Act, 1962.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4798
Join Channel
TaxTMI 
