https://www.taxtmi.com/caselaws?id=764684 CESTAT Kolkata allowed the appeal involving town seizure of gold. The tribunal held that gold with 99.30-99.39% purity, irregular shape and size, but lacking foreign markings, cannot be absolutely confiscated. Revenue failed to establish reasonable belief that the gold was smuggled or of foreign origin as required under Section 110 of Customs Act, 1962. Following precedent in similar cases, the tribunal ordered release of gold to appellant without penalty, concluding seizure conditions were not met. en-us Wed, 15 Jan 2025 00:00:00 +0530 Thu, 16 Jan 2025 08:17:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764684 CESTAT Kolkata allowed the appeal involving town seizure of gold. The tribunal held that gold with 99.30-99.39% purity, irregular shape and size, but lacking foreign markings, cannot be absolutely confiscated. Revenue failed to establish reasonable belief that the gold was smuggled or of foreign origin as required under Section 110 of Customs Act, 1962. Following precedent in similar cases, the tribunal ordered release of gold to appellant without penalty, concluding seizure conditions were not met. Case-Laws Customs Wed, 15 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764684