ESOP expenditure allowed as FMV difference; long-term capital gain issue sent back for collector rate determination; deferred income additions disallo...
Appeal allowed; impugned order quashed as regulator failed to prove nexus or manipulative scheme; sale genuine - s.12A(a)-(c), Regs 3(a)-(d),4(1),4(2)...
CESTAT allowed the appeal and set aside the penalty imposed under Section 112 of the Customs Act, 1962. The seized leather jackets and readymade garments, though recovered from bags in a parcel van leased to the appellant, are not notified goods under Section 123. Consequently, the burden lay on the Department to prove that the goods were smuggled and cleared without payment of customs duty. As no corroborative evidence was produced to establish smuggled nature or the appellant's involvement beyond mere transportation, the penal liability was held unsustainable.
CESTAT allowed the appeal and set aside the penalty imposed under Section 112 of the Customs Act, 1962. The seized leather jackets and readymade garments, though recovered from bags in a parcel van leased to the appellant, are not notified goods under Section 123. Consequently, the burden lay on the Department to prove that the goods were smuggled and cleared without payment of customs duty. As no corroborative evidence was produced to establish smuggled nature or the appellant's involvement beyond mere transportation, the penal liability was held unsustainable.
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