https://www.taxtmi.com/caselaws?id=96383 The Tribunal upheld the confiscation of currency under Section 121, despite the appellant's retraction of his statement linking the funds to smuggled gold. The Tribunal found the appellant's retraction lacked credibility and corroborative evidence, deeming the initial statement voluntary and true. While acknowledging investigative flaws, the Tribunal considered the unexplained possession of foreign currency and lack of satisfactory explanation as suspicious. The penalty was reduced to Rs. 2.5 lakhs due to the appellant's role as a middleman, resulting in partial allowance of the appeal. en-us Sat, 19 May 2001 00:00:00 +0530 Wed, 21 Dec 2011 13:08:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96383 The Tribunal upheld the confiscation of currency under Section 121, despite the appellant's retraction of his statement linking the funds to smuggled gold. The Tribunal found the appellant's retraction lacked credibility and corroborative evidence, deeming the initial statement voluntary and true. While acknowledging investigative flaws, the Tribunal considered the unexplained possession of foreign currency and lack of satisfactory explanation as suspicious. The penalty was reduced to Rs. 2.5 lakhs due to the appellant's role as a middleman, resulting in partial allowance of the appeal. Case-Laws Customs Sat, 19 May 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=96383