https://www.taxtmi.com/caselaws?id=120883 The Tribunal ruled in favor of the appellants, finding that the confiscation of travellers cheques worth US $105,000 under the Customs Act, 1962 was unjustified. It was determined that the cheques were lawfully obtained and declared, complying with FEMA regulations. The penalties imposed under Section 114 of the Customs Act were set aside as there was no violation of customs or FEMA regulations. Additionally, the Tribunal held that Customs authorities lacked jurisdiction to question the lawful procurement of foreign exchange, ordering the return of the confiscated currency and providing consequential relief to the appellants. en-us Tue, 19 Dec 2006 00:00:00 +0530 Wed, 25 Jul 2012 11:49:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=120883 The Tribunal ruled in favor of the appellants, finding that the confiscation of travellers cheques worth US $105,000 under the Customs Act, 1962 was unjustified. It was determined that the cheques were lawfully obtained and declared, complying with FEMA regulations. The penalties imposed under Section 114 of the Customs Act were set aside as there was no violation of customs or FEMA regulations. Additionally, the Tribunal held that Customs authorities lacked jurisdiction to question the lawful procurement of foreign exchange, ordering the return of the confiscated currency and providing consequential relief to the appellants. Case-Laws Customs Tue, 19 Dec 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=120883