https://www.taxtmi.com/caselaws?id=445534 CESTAT Hyderabad allowed the appeal in a smuggling case involving absolute confiscation of 22 gold bars and penalty under Section 112(b)(i) of the Customs Act. The tribunal found that serial numbers on the gold biscuits matched those of 40 kg gold legitimately purchased by a company from MMTC-PAMP India and subsequently sold to dealers/jewellers. The allegation of smuggled gold was rejected as the gold's legitimate origin was established. Since the gold had been sent to government authority for resale/melting, Revenue was directed to either return the gold to appellant or pay its value with interest. en-us Wed, 08 Nov 2023 00:00:00 +0530 Fri, 10 Nov 2023 08:44:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445534 CESTAT Hyderabad allowed the appeal in a smuggling case involving absolute confiscation of 22 gold bars and penalty under Section 112(b)(i) of the Customs Act. The tribunal found that serial numbers on the gold biscuits matched those of 40 kg gold legitimately purchased by a company from MMTC-PAMP India and subsequently sold to dealers/jewellers. The allegation of smuggled gold was rejected as the gold's legitimate origin was established. Since the gold had been sent to government authority for resale/melting, Revenue was directed to either return the gold to appellant or pay its value with interest. Case-Laws Customs Wed, 08 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445534