https://www.taxtmi.com/caselaws?id=167330 The Tribunal dismissed the appeal regarding the confiscation of a vessel used in smuggling wrist watches, rejecting the Bank's priority claim due to a pledge. The Tribunal held that upon confiscation, the property vests absolutely in the Government under Sec. 126 of the Customs Act, making the Bank's claim for priority not maintainable. The judgment clarifies the legal principles governing confiscation and the limitations on third-party claims over confiscated goods, emphasizing the importance of statutory interpretation and case law in customs enforcement disputes. en-us Fri, 25 Jan 1985 00:00:00 +0530 Tue, 16 Dec 2014 14:38:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=167330 The Tribunal dismissed the appeal regarding the confiscation of a vessel used in smuggling wrist watches, rejecting the Bank's priority claim due to a pledge. The Tribunal held that upon confiscation, the property vests absolutely in the Government under Sec. 126 of the Customs Act, making the Bank's claim for priority not maintainable. The judgment clarifies the legal principles governing confiscation and the limitations on third-party claims over confiscated goods, emphasizing the importance of statutory interpretation and case law in customs enforcement disputes. Case-Laws Customs Fri, 25 Jan 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=167330