https://www.taxtmi.com/caselaws?id=448286 CESTAT upheld forfeiture of customs broker's security deposit and Rs.50,000 penalty for violating KYC verification requirements under Regulation 10(n) of CBLR 2013. The broker failed to verify client's antecedents before filing bill of entry and inadequately supervised employee who processed import clearances without knowing the importer. Though KYC documents were submitted belatedly during proceedings, CESTAT found clear regulatory violations occurred. The Commissioner's decision to impose penalty and forfeit security rather than revoke license was deemed fair and balanced, serving as deterrent while not completely destroying livelihood. en-us Wed, 10 Jan 2024 00:00:00 +0530 Mon, 15 Jan 2024 10:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448286 CESTAT upheld forfeiture of customs broker's security deposit and Rs.50,000 penalty for violating KYC verification requirements under Regulation 10(n) of CBLR 2013. The broker failed to verify client's antecedents before filing bill of entry and inadequately supervised employee who processed import clearances without knowing the importer. Though KYC documents were submitted belatedly during proceedings, CESTAT found clear regulatory violations occurred. The Commissioner's decision to impose penalty and forfeit security rather than revoke license was deemed fair and balanced, serving as deterrent while not completely destroying livelihood. Case-Laws Customs Wed, 10 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448286