https://www.taxtmi.com/caselaws?id=50726 The Tribunal upheld the validity of subsequent genuine Special Import Licenses (SILs) presented by M/s. H. Kumar Gems, regularizing the import of silver bars. Consequently, the confiscation of goods and penalties imposed were set aside for M/s. H. Kumar Gems and Ms. Sunita Goel. Penalties for others involved were reduced to Rs. 25 lakhs each. The demand for differential duty was rejected, and penalties under the Customs Act were not justified due to the acceptance of valid SILs and lack of evidence of suppression or misstatement. The department's appeal was dismissed, affirming the Tribunal's decision. en-us Fri, 02 Feb 2001 00:00:00 +0530 Wed, 25 Aug 2010 16:08:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=50726 The Tribunal upheld the validity of subsequent genuine Special Import Licenses (SILs) presented by M/s. H. Kumar Gems, regularizing the import of silver bars. Consequently, the confiscation of goods and penalties imposed were set aside for M/s. H. Kumar Gems and Ms. Sunita Goel. Penalties for others involved were reduced to Rs. 25 lakhs each. The demand for differential duty was rejected, and penalties under the Customs Act were not justified due to the acceptance of valid SILs and lack of evidence of suppression or misstatement. The department's appeal was dismissed, affirming the Tribunal's decision. Case-Laws Customs Fri, 02 Feb 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=50726