https://www.taxtmi.com/caselaws?id=255244 The tribunal allowed the appeal, setting aside the order confiscating Indian currency as sale proceeds of contraband gold. It accepted the appellant's claim that the seized amount was a loan from a named individual, supported by the ITAT findings. The penalty imposed under the Customs Act and Income Tax Act was deemed unsustainable, emphasizing the loan nature of the amount. The tribunal ruled in favor of the appellant, concluding that the confiscated currency was legitimate, leading to the dismissal of penalty proceedings. en-us Tue, 21 Oct 2014 00:00:00 +0530 Tue, 23 Jun 2015 15:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=255244 The tribunal allowed the appeal, setting aside the order confiscating Indian currency as sale proceeds of contraband gold. It accepted the appellant's claim that the seized amount was a loan from a named individual, supported by the ITAT findings. The penalty imposed under the Customs Act and Income Tax Act was deemed unsustainable, emphasizing the loan nature of the amount. The tribunal ruled in favor of the appellant, concluding that the confiscated currency was legitimate, leading to the dismissal of penalty proceedings. Case-Laws Customs Tue, 21 Oct 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=255244