https://www.taxtmi.com/caselaws?id=340085 The Tribunal set aside the order confiscating foreign currency and imposing a penalty on the appellant for attempting illegal export. The appellant's claim of accumulating foreign currency for travel and business purposes was accepted, as the Customs Act, 1962 does not mandate declaration of foreign currency taken out of the country by departing passengers. The decision ruled in favor of the appellant, emphasizing the lack of legal basis for the confiscation and penalty, leading to the appeal's success. en-us Tue, 14 Feb 2017 00:00:00 +0530 Tue, 14 Nov 2017 11:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=340085 The Tribunal set aside the order confiscating foreign currency and imposing a penalty on the appellant for attempting illegal export. The appellant's claim of accumulating foreign currency for travel and business purposes was accepted, as the Customs Act, 1962 does not mandate declaration of foreign currency taken out of the country by departing passengers. The decision ruled in favor of the appellant, emphasizing the lack of legal basis for the confiscation and penalty, leading to the appeal's success. Case-Laws Customs Tue, 14 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=340085