Foreign portfolio investment liberalisation extends listed equity access to all individual persons resident outside India, subject to limit monitoring...
Unsubstantiated exempt agricultural income claim sustains concealment penalty after disclosure only on departmental detection and no bona fide evidenc...
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The CESTAT allowed the appeal against confiscation of gold, holding that the seizure by customs officials lacked reasonable belief of the goods being smuggled as mandated u/s 123 of the Customs Act, 1962. The appellant successfully discharged the burden of proof by producing documents regarding procurement of the gold. Confiscation u/s 111(d) was held unsustainable as the gold was importable subject to conditions. The absence of reasonable belief vitiated the entire proceedings, rendering the show cause notice and consequent adjudication bad in law.
The CESTAT allowed the appeal against confiscation of gold, holding that the seizure by customs officials lacked reasonable belief of the goods being smuggled as mandated u/s 123 of the Customs Act, 1962. The appellant successfully discharged the burden of proof by producing documents regarding procurement of the gold. Confiscation u/s 111(d) was held unsustainable as the gold was importable subject to conditions. The absence of reasonable belief vitiated the entire proceedings, rendering the show cause notice and consequent adjudication bad in law.
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