https://www.taxtmi.com/caselaws?id=115030 The tribunal upheld the confiscation of a vessel owned by two individuals, which was found to have concealed smuggled gold. A fine of Rs. 30,000 was imposed on the vessel, with the owner not penalized. Goods found in domestic premises were initially confiscated, but later deemed lawfully acquired, leading to the set aside of their confiscation and penalties. The penalty imposed on an individual associated with the goods was also set aside, as the acquisition was proven legitimate. The tribunal allowed the individual's appeal and rejected the vessel owner's appeal, ensuring compliance with the Customs Act, 1962. en-us Tue, 15 Feb 2005 00:00:00 +0530 Wed, 23 May 2012 12:03:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=115030 The tribunal upheld the confiscation of a vessel owned by two individuals, which was found to have concealed smuggled gold. A fine of Rs. 30,000 was imposed on the vessel, with the owner not penalized. Goods found in domestic premises were initially confiscated, but later deemed lawfully acquired, leading to the set aside of their confiscation and penalties. The penalty imposed on an individual associated with the goods was also set aside, as the acquisition was proven legitimate. The tribunal allowed the individual's appeal and rejected the vessel owner's appeal, ensuring compliance with the Customs Act, 1962. Case-Laws Central Excise Tue, 15 Feb 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=115030