https://www.taxtmi.com/caselaws?id=46765 Customs authorities had no lawful power to seize and retain sale proceeds from a transaction between authorised foreign exchange dealers, because no import, export or smuggled goods were involved. The Court held that confiscation provisions dealing with goods or their proceeds were inapplicable, and Section 121 could not be invoked in the absence of smuggled goods. The suggestion that the matter could wait for adjudication did not validate an action that was prima facie unwarranted and illegal. The seized amount was therefore not justified under the Customs Act and was directed to be released forthwith to the petitioner. en-us Thu, 11 Dec 1997 00:00:00 +0530 Fri, 23 Jul 2010 17:48:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=46765 Customs authorities had no lawful power to seize and retain sale proceeds from a transaction between authorised foreign exchange dealers, because no import, export or smuggled goods were involved. The Court held that confiscation provisions dealing with goods or their proceeds were inapplicable, and Section 121 could not be invoked in the absence of smuggled goods. The suggestion that the matter could wait for adjudication did not validate an action that was prima facie unwarranted and illegal. The seized amount was therefore not justified under the Customs Act and was directed to be released forthwith to the petitioner. Case-Laws Customs Thu, 11 Dec 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=46765