https://www.taxtmi.com/caselaws?id=107758 Sale proceeds of goods imported through a bogus firm against non-existent advance licences were held liable to confiscation under section 121 of the Customs Act, 1962 because the goods were treated as smuggled in nature and the statutory condition of knowledge or reason to believe was satisfied. The unpaid sale proceeds deposited by the appellant were found to represent the proceeds of those goods, bringing them within the confiscation provision. On that basis, confiscation was sustained and the appeal failed. en-us Tue, 22 Jul 2003 00:00:00 +0530 Mon, 26 Mar 2012 14:09:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=107758 Sale proceeds of goods imported through a bogus firm against non-existent advance licences were held liable to confiscation under section 121 of the Customs Act, 1962 because the goods were treated as smuggled in nature and the statutory condition of knowledge or reason to believe was satisfied. The unpaid sale proceeds deposited by the appellant were found to represent the proceeds of those goods, bringing them within the confiscation provision. On that basis, confiscation was sustained and the appeal failed. Case-Laws Customs Tue, 22 Jul 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=107758