https://www.taxtmi.com/caselaws?id=762654 CESTAT Kolkata upheld confiscation of gold bars bearing foreign markings with 99.90% purity under Sections 111(b), 111(d) and 111(f) of Customs Act, 1962. Three appellants failed to discharge burden of proof under Section 123 by not producing documents establishing licit procurement. Court rejected release on redemption fine due to unestablished ownership. However, penalties were reduced considering excessive amounts - first appellant's penalty reduced from Rs.6,25,000 to Rs.3,50,000, second from Rs.6,50,000 to Rs.4,00,000, and third from Rs.5,80,000 to Rs.2,00,000 under Section 112. Appeal disposed. en-us Wed, 04 Dec 2024 00:00:00 +0530 Wed, 04 Dec 2024 16:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762654 CESTAT Kolkata upheld confiscation of gold bars bearing foreign markings with 99.90% purity under Sections 111(b), 111(d) and 111(f) of Customs Act, 1962. Three appellants failed to discharge burden of proof under Section 123 by not producing documents establishing licit procurement. Court rejected release on redemption fine due to unestablished ownership. However, penalties were reduced considering excessive amounts - first appellant's penalty reduced from Rs.6,25,000 to Rs.3,50,000, second from Rs.6,50,000 to Rs.4,00,000, and third from Rs.5,80,000 to Rs.2,00,000 under Section 112. Appeal disposed. Case-Laws Customs Wed, 04 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762654