https://www.taxtmi.com/caselaws?id=750693 CESTAT Hyderabad set aside absolute confiscation of 211.07 gms gold and penalty under Section 112(a) and (b) of Customs Act. Appellants, operating jewellery business, successfully discharged onus under Section 123 by providing cogent evidence including stock registers, purchase records from reputed dealers, banking transactions, and GST invoices for 2020-21. Court found lower authority's rejection of explanation was arbitrary and based on assumptions without proper foundation. Appellants entitled to return of seized gold or refund of auction proceeds with interest if disposed of. en-us Wed, 27 Mar 2024 00:00:00 +0530 Thu, 28 Mar 2024 08:52:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=750693 CESTAT Hyderabad set aside absolute confiscation of 211.07 gms gold and penalty under Section 112(a) and (b) of Customs Act. Appellants, operating jewellery business, successfully discharged onus under Section 123 by providing cogent evidence including stock registers, purchase records from reputed dealers, banking transactions, and GST invoices for 2020-21. Court found lower authority's rejection of explanation was arbitrary and based on assumptions without proper foundation. Appellants entitled to return of seized gold or refund of auction proceeds with interest if disposed of. Case-Laws Customs Wed, 27 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=750693