Revisability of return invalidation communications under tax procedure affirmed, impugned non revisional finding quashed and matter remitted for fresh...
Transferable duty credit scrips validity and bona fide transferee entitlement to exemption upheld where scrips were subsisting at import, appeals allo...
Classification of knocked down motor vehicle component imports: Notification benefit denied because items are standalone non kit parts requiring subst...
Gold is a notified item, so the person in possession must prove lawful acquisition and possession; where no bills, vouchers or contemporaneous records are produced, the statutory presumption under Section 123 remains unrebutted and absolute confiscation is justified. For Indian currency to be treated as sale proceeds of smuggled goods under Section 121, the Revenue must show a clear nexus and reasonable belief based on cogent evidence; mere suspicion or uncorroborated statements are insufficient, so the currency confiscation was unsustainable. On penalty, the Tribunal deleted the sanction against the accompanying person for lack of recovery or ative link, while sustaining but reducing the penalty on the person directly connected with the foreign-origin gold.
Gold is a notified item, so the person in possession must prove lawful acquisition and possession; where no bills, vouchers or contemporaneous records are produced, the statutory presumption under Section 123 remains unrebutted and absolute confiscation is justified. For Indian currency to be treated as sale proceeds of smuggled goods under Section 121, the Revenue must show a clear nexus and reasonable belief based on cogent evidence; mere suspicion or uncorroborated statements are insufficient, so the currency confiscation was unsustainable. On penalty, the Tribunal deleted the sanction against the accompanying person for lack of recovery or ative link, while sustaining but reducing the penalty on the person directly connected with the foreign-origin gold.
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