Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
CESTAT allowed the appeal and set aside the impugned adjudication insofar as confirmation of customs duty (charged as IGST under Section 3(7)/(9) CTA), interest, redemption fine and penalties. The Tribunal held the revenue failed to establish wilful suppression and that the demand was barred by limitation; invocation of extended limitation was unsustainable. DGFT redemption letters and closure of bonds preclude independent Customs demands absent DGFT recall and re-adjudication under FTDR Act; such demands are time-barred. In the absence of a machinery provision under Section 3(12) CTA operative at the relevant time, interest, fines and penalties could not be levied; amendment to create such machinery is prospective. Appeal allowed.
CESTAT allowed the appeal and set aside the impugned adjudication insofar as confirmation of customs duty (charged as IGST under Section 3(7)/(9) CTA), interest, redemption fine and penalties. The Tribunal held the revenue failed to establish wilful suppression and that the demand was barred by limitation; invocation of extended limitation was unsustainable. DGFT redemption letters and closure of bonds preclude independent Customs demands absent DGFT recall and re-adjudication under FTDR Act; such demands are time-barred. In the absence of a machinery provision under Section 3(12) CTA operative at the relevant time, interest, fines and penalties could not be levied; amendment to create such machinery is prospective. Appeal allowed.
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