Gold Bars Without Documentation Deemed Prohibited, Appellant's Reduced Penalty Request Denied, Full Confiscation Upheld.

Gold Bars Without Documentation Deemed Prohibited, Appellant's Reduced Penalty Request Denied, Full Confiscation Upheld. https://www.taxtmi.com/highlights?id=74755 Quantum of penalty - Absolute confiscation - Smuggling of Gold Bars - prohibited goods or not - The Tribunal, accepting the arguments of revenue, held that, since no proper documents were available for these gold bars, they are to be categorized as prohibited goods. Hence, the submission of the appellant that penalty should be either equivalent to 10% of the quantified duty amount or Rs. 5,000/- whichever is higher, is rejected. en-us Fri, 09 Feb 2024 07:20:47 +0530 Fri, 09 Feb 2024 07:20:47 +0530 TaxTMI RSS Generator Gold Bars Without Documentation Deemed Prohibited, Appellant's Reduced Penalty Request Denied, Full Confiscation Upheld. https://www.taxtmi.com/highlights?id=74755 Quantum of penalty - Absolute confiscation - Smuggling of Gold Bars - prohibited goods or not - The Tribunal, accepting the arguments of revenue, held that, since no proper documents were available for these gold bars, they are to be categorized as prohibited goods. Hence, the submission of the appellant that penalty should be either equivalent to 10% of the quantified duty amount or Rs. 5,000/- whichever is higher, is rejected. Highlights Customs Fri, 09 Feb 2024 07:20:47 +0530 https://www.taxtmi.com/highlights?id=74755