https://www.taxtmi.com/caselaws?id=118225 The Tribunal upheld the confiscation of gold bars due to the appellant's failure to prove lawful acquisition but reduced the penalty. The confiscation of Indian currency was set aside for lack of evidence linking it to smuggled goods, with a recommendation to inform Income Tax authorities before releasing the amount to the appellant. The decision emphasizes the significance of proper documentation and burden of proof in cases involving confiscated goods and currency, stressing the consequences of unexplained possession of unaccounted assets. en-us Tue, 02 May 2006 00:00:00 +0530 Fri, 29 Jun 2012 13:14:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=118225 The Tribunal upheld the confiscation of gold bars due to the appellant's failure to prove lawful acquisition but reduced the penalty. The confiscation of Indian currency was set aside for lack of evidence linking it to smuggled goods, with a recommendation to inform Income Tax authorities before releasing the amount to the appellant. The decision emphasizes the significance of proper documentation and burden of proof in cases involving confiscated goods and currency, stressing the consequences of unexplained possession of unaccounted assets. Case-Laws Customs Tue, 02 May 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=118225