https://www.taxtmi.com/caselaws?id=314122 CESTAT Kolkata held that Revenue failed to establish reasonable belief that seized gold was smuggled under Section 123 of Customs Act, 1962. The gold's purity (99.5-99.7%) differed from typical foreign origin gold (99.99%), lacking foreign origin markings. Appellants successfully discharged their burden by producing invoices proving legitimate ownership. Without evidence of smuggling, confiscation was set aside and penalties under Sections 112(a), 112(b), and 114AA were removed. Appeals allowed with gold ordered to be released to appellants. en-us Wed, 12 Jul 2023 00:00:00 +0530 Sun, 19 May 2024 08:07:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=314122 CESTAT Kolkata held that Revenue failed to establish reasonable belief that seized gold was smuggled under Section 123 of Customs Act, 1962. The gold's purity (99.5-99.7%) differed from typical foreign origin gold (99.99%), lacking foreign origin markings. Appellants successfully discharged their burden by producing invoices proving legitimate ownership. Without evidence of smuggling, confiscation was set aside and penalties under Sections 112(a), 112(b), and 114AA were removed. Appeals allowed with gold ordered to be released to appellants. Case-Laws Customs Wed, 12 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=314122