https://www.taxtmi.com/caselaws?id=50769 Customs authorities lacked jurisdiction to confiscate foreign currency or impose penalty where the factual finding was that the currency was purchased and sold within India and the contravention fell under the Foreign Exchange Regulation Act, 1973. Section 8(1) was treated as the governing provision, but it was not read as a prohibition extended through section 11 of the Customs Act, 1962, so Customs could not proceed on that footing. The Revenue authorities' relied-upon cases were distinguished, and the earlier view that Customs had no jurisdiction absent illicit import was applied, leaving the setting aside of confiscation and penalty undisturbed. en-us Mon, 26 Mar 2001 00:00:00 +0530 Wed, 08 Sep 2010 14:08:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=50769 Customs authorities lacked jurisdiction to confiscate foreign currency or impose penalty where the factual finding was that the currency was purchased and sold within India and the contravention fell under the Foreign Exchange Regulation Act, 1973. Section 8(1) was treated as the governing provision, but it was not read as a prohibition extended through section 11 of the Customs Act, 1962, so Customs could not proceed on that footing. The Revenue authorities' relied-upon cases were distinguished, and the earlier view that Customs had no jurisdiction absent illicit import was applied, leaving the setting aside of confiscation and penalty undisturbed. Case-Laws Customs Mon, 26 Mar 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=50769