https://www.taxtmi.com/highlights?id=75541 Seizure of Gold Bars - Confiscation - Penalty u/s 112(b) - The case involves the interception of the Appellant carrying 17 pieces of gold of foreign origin in Kolkata. Despite not claiming ownership of the gold bars, the Appellant was penalized under Section 112(b) of the Customs Act, 1962. The Tribunal affirmed the absolute confiscation of the gold bars but reduced the penalty from Rs. 20 Lakhs to Rs. 2 Lakhs, considering the financial circumstances of the Appellant. en-us Sat, 09 Mar 2024 12:34:27 +0530 Sat, 09 Mar 2024 12:34:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=75541 Seizure of Gold Bars - Confiscation - Penalty u/s 112(b) - The case involves the interception of the Appellant carrying 17 pieces of gold of foreign origin in Kolkata. Despite not claiming ownership of the gold bars, the Appellant was penalized under Section 112(b) of the Customs Act, 1962. The Tribunal affirmed the absolute confiscation of the gold bars but reduced the penalty from Rs. 20 Lakhs to Rs. 2 Lakhs, considering the financial circumstances of the Appellant. Highlights Customs Sat, 09 Mar 2024 12:34:27 +0530 https://www.taxtmi.com/highlights?id=75541