https://www.taxtmi.com/caselaws?id=347639 The Tribunal upheld the absolute confiscation of seized 'Iridium metal' and tools used for concealment under the Customs Act, 1962, due to lack of adequate explanations for licit sources. Penalties imposed on individuals were reduced based on circumstantial evidence and involvement. Retraction statements were deemed unconvincing and motivated by legal advice. Procedural irregularities were noted but did not invalidate the smuggling conclusion. The appeals were partially allowed with reduced penalties, considering individual involvement and evidence. en-us Fri, 28 Jul 2017 00:00:00 +0530 Fri, 08 Sep 2017 06:22:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=347639 The Tribunal upheld the absolute confiscation of seized 'Iridium metal' and tools used for concealment under the Customs Act, 1962, due to lack of adequate explanations for licit sources. Penalties imposed on individuals were reduced based on circumstantial evidence and involvement. Retraction statements were deemed unconvincing and motivated by legal advice. Procedural irregularities were noted but did not invalidate the smuggling conclusion. The appeals were partially allowed with reduced penalties, considering individual involvement and evidence. Case-Laws Customs Fri, 28 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=347639