https://www.taxtmi.com/caselaws?id=193179 The Tribunal held that the foreign currency amounting to USD 70,000 seized from Shri Pankaj Jhunjhunwala is liable for confiscation under relevant sections of the Customs Act, 1962 and FEMA, 1999. The majority decision allowed redemption of the currency upon payment of a fine of Rs. 5,00,000. Penalties of Rs. 4,00,000 imposed on Shri Pankaj Jhunjhunwala were upheld, while penalties on Shri Satish Choudhary and Shri Om Prakash Jhunjhunwala were dropped due to lack of evidence. Confiscations of certain foreign currencies were set aside, and adjustments against penalties were rejected. en-us Mon, 09 Jun 2014 00:00:00 +0530 Sat, 15 Jul 2017 15:28:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=193179 The Tribunal held that the foreign currency amounting to USD 70,000 seized from Shri Pankaj Jhunjhunwala is liable for confiscation under relevant sections of the Customs Act, 1962 and FEMA, 1999. The majority decision allowed redemption of the currency upon payment of a fine of Rs. 5,00,000. Penalties of Rs. 4,00,000 imposed on Shri Pankaj Jhunjhunwala were upheld, while penalties on Shri Satish Choudhary and Shri Om Prakash Jhunjhunwala were dropped due to lack of evidence. Confiscations of certain foreign currencies were set aside, and adjustments against penalties were rejected. Case-Laws Customs Mon, 09 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=193179