https://www.taxtmi.com/caselaws?id=450634 The Tribunal upheld the absolute confiscation of 17 gold bars of foreign origin, as the Appellant did not contest this decision. However, the penalty under Section 112(b) of the Customs Act, 1962, initially set at Rs. 20 Lakhs, was deemed excessive and reduced to Rs. 2 Lakhs due to the Appellant's financial situation. The Appellant, having already paid Rs. 1.5 Lakhs, was instructed to pay the remaining Rs. 50,000 by a specified deadline. The Appeal was resolved with these adjustments. en-us Wed, 06 Mar 2024 00:00:00 +0530 Sat, 09 Mar 2024 07:36:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450634 The Tribunal upheld the absolute confiscation of 17 gold bars of foreign origin, as the Appellant did not contest this decision. However, the penalty under Section 112(b) of the Customs Act, 1962, initially set at Rs. 20 Lakhs, was deemed excessive and reduced to Rs. 2 Lakhs due to the Appellant's financial situation. The Appellant, having already paid Rs. 1.5 Lakhs, was instructed to pay the remaining Rs. 50,000 by a specified deadline. The Appeal was resolved with these adjustments. Case-Laws Customs Wed, 06 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450634