https://www.taxtmi.com/caselaws?id=751518 CESTAT Kolkata allowed the appeal and set aside the confiscation order of seized gold bars. The tribunal found that Revenue failed to establish reasonable belief that gold was smuggled, as 99.5% purity gold with foreign markings did not prove foreign origin, and one bar marked "MMTC PAMP" indicated Indian origin. Section 123 provisions were held inapplicable. The case relied solely on appellant's statement without corroborative evidence, making it inadmissible. Consequently, gold confiscation was set aside and penalties on appellants were removed. en-us Wed, 17 Apr 2024 00:00:00 +0530 Sat, 06 Jun 2026 10:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751518 CESTAT Kolkata allowed the appeal and set aside the confiscation order of seized gold bars. The tribunal found that Revenue failed to establish reasonable belief that gold was smuggled, as 99.5% purity gold with foreign markings did not prove foreign origin, and one bar marked "MMTC PAMP" indicated Indian origin. Section 123 provisions were held inapplicable. The case relied solely on appellant's statement without corroborative evidence, making it inadmissible. Consequently, gold confiscation was set aside and penalties on appellants were removed. Case-Laws Customs Wed, 17 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751518