https://www.taxtmi.com/caselaws?id=83286 The Appellate Tribunal CEGAT, Bombay upheld the confiscation of gold bars under Section 111(d) of the Customs Act, 1962, but allowed redemption upon payment of fine and duty. The foreign currency, not requiring declaration for amounts up to $10,000, was ordered to be released. Personal penalties were reduced to Rs. 5,000 each due to the appellants' role as carriers of the gold. The appeals were disposed of with the confiscation upheld but allowing for redemption, release of foreign currency, and reduction of penalties. en-us Mon, 01 Mar 1993 00:00:00 +0530 Tue, 12 Jul 2011 15:20:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=83286 The Appellate Tribunal CEGAT, Bombay upheld the confiscation of gold bars under Section 111(d) of the Customs Act, 1962, but allowed redemption upon payment of fine and duty. The foreign currency, not requiring declaration for amounts up to $10,000, was ordered to be released. Personal penalties were reduced to Rs. 5,000 each due to the appellants' role as carriers of the gold. The appeals were disposed of with the confiscation upheld but allowing for redemption, release of foreign currency, and reduction of penalties. Case-Laws Customs Mon, 01 Mar 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=83286