https://www.taxtmi.com/caselaws?id=271942 The Tribunal modified the impugned order by reducing the redemption fine and personal penalty imposed on an individual for the seizure of foreign currency at Chennai Airport. The Tribunal considered legal principles and case laws, emphasizing adherence to the Customs Act in determining the fine. It found the original amounts excessive, considering market conditions and the individual's circumstances, and directed the Revenue to deduct the amounts from the currency sale proceeds or encashment, returning any excess to the individual. The appeal was partially allowed, adjusting the fine and penalty and providing specific recovery instructions. en-us Thu, 04 Feb 2016 00:00:00 +0530 Mon, 22 Feb 2016 10:29:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=271942 The Tribunal modified the impugned order by reducing the redemption fine and personal penalty imposed on an individual for the seizure of foreign currency at Chennai Airport. The Tribunal considered legal principles and case laws, emphasizing adherence to the Customs Act in determining the fine. It found the original amounts excessive, considering market conditions and the individual's circumstances, and directed the Revenue to deduct the amounts from the currency sale proceeds or encashment, returning any excess to the individual. The appeal was partially allowed, adjusting the fine and penalty and providing specific recovery instructions. Case-Laws Customs Thu, 04 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=271942