https://www.taxtmi.com/caselaws?id=98487 The penalty imposed under Section 113(1) of the Customs Act, 1962, amounting to Rs. 2 lakhs, was waived for the appellant due to insufficient direct evidence linking them to the concealed foreign currency found in an aircraft. Despite the dissenting opinion, the majority decision favored the appellant, considering financial hardship and the arguable nature of the case. The pre-deposit requirement was waived, and the penalty recovery was stayed pending appeal, emphasizing the significance of evaluating prima facie evidence and the appellant's financial circumstances in penalty cases. en-us Tue, 27 Feb 2001 00:00:00 +0530 Fri, 20 Jan 2012 17:43:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=98487 The penalty imposed under Section 113(1) of the Customs Act, 1962, amounting to Rs. 2 lakhs, was waived for the appellant due to insufficient direct evidence linking them to the concealed foreign currency found in an aircraft. Despite the dissenting opinion, the majority decision favored the appellant, considering financial hardship and the arguable nature of the case. The pre-deposit requirement was waived, and the penalty recovery was stayed pending appeal, emphasizing the significance of evaluating prima facie evidence and the appellant's financial circumstances in penalty cases. Case-Laws Customs Tue, 27 Feb 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=98487