https://www.taxtmi.com/caselaws?id=420546 The Tribunal overturned the Commissioner of Customs (Appeals) decision, ruling that the appellant was not the "beneficial owner" under Section 2(3A) of the Customs Act. Penalties and fines imposed on the appellant were annulled, and the appeal was successful. The Tribunal clarified that the foreign currency seized belonged to a company managing corporate expenses and was not for personal use, thus rejecting the imposition of penalties based on conjecture. The appeal was deemed maintainable under Section 129A as the currency was categorized as "goods," not "baggage." en-us Mon, 28 Mar 2022 00:00:00 +0530 Mon, 04 Apr 2022 21:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420546 The Tribunal overturned the Commissioner of Customs (Appeals) decision, ruling that the appellant was not the "beneficial owner" under Section 2(3A) of the Customs Act. Penalties and fines imposed on the appellant were annulled, and the appeal was successful. The Tribunal clarified that the foreign currency seized belonged to a company managing corporate expenses and was not for personal use, thus rejecting the imposition of penalties based on conjecture. The appeal was deemed maintainable under Section 129A as the currency was categorized as "goods," not "baggage." Case-Laws Customs Mon, 28 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420546