https://www.taxtmi.com/caselaws?id=53518 The Tribunal allowed the appeal, setting aside the order confiscating Indian currency belonging to the appellants under Section 121 of the Customs Act. It was determined that the confiscated amounts were not sale proceeds of smuggled foreign exchange but rather the result of legitimate transactions involving the sale of foreign currency obtained regularly from the RBI. The Tribunal emphasized that Section 121 does not apply to sale proceeds changed in form and found no evidence of the appellants' complicity in the nefarious activities of Hotel Zam Zam Money Changing Division. en-us Thu, 25 Nov 2004 00:00:00 +0530 Wed, 13 Oct 2010 16:42:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=53518 The Tribunal allowed the appeal, setting aside the order confiscating Indian currency belonging to the appellants under Section 121 of the Customs Act. It was determined that the confiscated amounts were not sale proceeds of smuggled foreign exchange but rather the result of legitimate transactions involving the sale of foreign currency obtained regularly from the RBI. The Tribunal emphasized that Section 121 does not apply to sale proceeds changed in form and found no evidence of the appellants' complicity in the nefarious activities of Hotel Zam Zam Money Changing Division. Case-Laws Customs Thu, 25 Nov 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=53518