Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
The CESTAT quashed the confiscation of Indian currency totaling Rs.78,00,000/- seized from appellants, holding that the Department failed to prove the currency constituted sale proceeds of smuggled gold, a necessary condition under Section 121 of the Customs Act, 1962. Consequently, the currency was ordered released. Penalties under Sections 112(a)(i) and 112(b)(ii) were upheld against appellants found in possession of gold with foreign markings without valid documentation, as per Section 123. However, penalties on appellants with no seized gold or evidence linking their currency to smuggled goods were set aside. The confiscation of a vehicle under Section 115(2) was also set aside due to lack of evidence of its use in smuggling, and the associated redemption fine was cancelled. The appeal was disposed of accordingly.
The CESTAT quashed the confiscation of Indian currency totaling Rs.78,00,000/- seized from appellants, holding that the Department failed to prove the currency constituted sale proceeds of smuggled gold, a necessary condition under Section 121 of the Customs Act, 1962. Consequently, the currency was ordered released. Penalties under Sections 112(a)(i) and 112(b)(ii) were upheld against appellants found in possession of gold with foreign markings without valid documentation, as per Section 123. However, penalties on appellants with no seized gold or evidence linking their currency to smuggled goods were set aside. The confiscation of a vehicle under Section 115(2) was also set aside due to lack of evidence of its use in smuggling, and the associated redemption fine was cancelled. The appeal was disposed of accordingly.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
