https://www.taxtmi.com/caselaws?id=348375 The Tribunal partially allowed the appeals by modifying and reducing the penalties imposed on the appellants under Sections 112(a) and 112(b) of the Customs Act, 1962. The penalties were reduced from Rs. 10,00,000 to Rs. 7 lakhs for the first three appellants and from Rs. 15,00,000 to Rs. 12 lakhs for the fourth appellant. This adjustment took into account the appellants' young age, first offense, and the circumstances surrounding the ownership of the smuggled gold bars, aiming to balance the penalty amount and provide some relief to each appellant. en-us Thu, 03 Aug 2017 00:00:00 +0530 Thu, 21 Sep 2017 07:10:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=348375 The Tribunal partially allowed the appeals by modifying and reducing the penalties imposed on the appellants under Sections 112(a) and 112(b) of the Customs Act, 1962. The penalties were reduced from Rs. 10,00,000 to Rs. 7 lakhs for the first three appellants and from Rs. 15,00,000 to Rs. 12 lakhs for the fourth appellant. This adjustment took into account the appellants' young age, first offense, and the circumstances surrounding the ownership of the smuggled gold bars, aiming to balance the penalty amount and provide some relief to each appellant. Case-Laws Customs Thu, 03 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=348375