https://www.taxtmi.com/caselaws?id=762161 CESTAT Ahmedabad set aside penalty imposed under Section 112(b)(i) of Customs Act 1962 on appellant who allegedly financed gold smuggling from Dubai. The tribunal held that penalty under Section 112(b) requires the person to acquire possession or be concerned in activities like carrying, removing, selling, or dealing with goods liable to confiscation. Since appellant never acquired possession of smuggled gold or engaged in specified activities, and Revenue failed to prove appellant's knowledge (mens rea) of smuggling activities, the penalty could not be sustained and was accordingly set aside. en-us Fri, 22 Nov 2024 00:00:00 +0530 Tue, 26 Nov 2024 08:52:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762161 CESTAT Ahmedabad set aside penalty imposed under Section 112(b)(i) of Customs Act 1962 on appellant who allegedly financed gold smuggling from Dubai. The tribunal held that penalty under Section 112(b) requires the person to acquire possession or be concerned in activities like carrying, removing, selling, or dealing with goods liable to confiscation. Since appellant never acquired possession of smuggled gold or engaged in specified activities, and Revenue failed to prove appellant's knowledge (mens rea) of smuggling activities, the penalty could not be sustained and was accordingly set aside. Case-Laws Customs Fri, 22 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762161