https://www.taxtmi.com/highlights?id=83382 Appellant financed an individual for smuggling gold from Dubai and selling it in India. Penalty was imposed u/s 112(b)(i) of the Customs Act, 1962. The Commissioner held that the appellant was concerned with selling, purchasing, and dealing with goods liable for confiscation, rendering them liable for penalty u/s 112(b)(i). Section 112(b) allows imposing a penalty when a person acquires possession of or is concerned in carrying, removing, depositing, harboring, keeping, concealing, selling, purchasing, or dealing with goods known or reasonably believed to be liable for confiscation u/s 111. However, the Revenue did not allege that the appellant was involved in such activities. The appellant did not acquire possession or concern themselves w..... en-us Tue, 26 Nov 2024 08:52:29 +0530 Tue, 26 Nov 2024 08:52:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=83382 Appellant financed an individual for smuggling gold from Dubai and selling it in India. Penalty was imposed u/s 112(b)(i) of the Customs Act, 1962. The Commissioner held that the appellant was concerned with selling, purchasing, and dealing with goods liable for confiscation, rendering them liable for penalty u/s 112(b)(i). Section 112(b) allows imposing a penalty when a person acquires possession of or is concerned in carrying, removing, depositing, harboring, keeping, concealing, selling, purchasing, or dealing with goods known or reasonably believed to be liable for confiscation u/s 111. However, the Revenue did not allege that the appellant was involved in such activities. The appellant did not acquire possession or concern themselves w..... Highlights Customs Tue, 26 Nov 2024 08:52:29 +0530 https://www.taxtmi.com/highlights?id=83382