TaxTMI 
TaxTMI 
TaxTMI 
2004 (8) TMI 602
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.... Peeran, Member (J)]. - These appeals arise from common Order-in-Original No. 1/99, dated 19-7-1999 by which the Commissioner of Central Excise and Customs, Cochin has ordered for absolute confiscation of foreign currencies equal to Rs. 45,11,588.75 under sub-section (d), (e) and (h) of Section 113 of Customs Act and has also imposed penalty of Rs. 1 lakh each on each of the appellants under Sec....
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....d that the appellants had concealed foreign currencies of various denominations of various countries as stated in the order in this consignment. The statement of the Managing Partner of M/s. Fathima Enterprises, Shri P.M. Yusuf was recorded in the presence of witnesses. Shri P.M. Yusuf identified the items and the foreign currencies seized from the packets. The same was seized under Mahazar. Shri ....
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....rder and have also gone through the grounds of appeal. We are of the considered opinion that the appellants are involved in the attempt to export foreign currencies of various countries in different denominations, concealing the same in boxes containing fruits, vegetables and duck eggs. The appellants have in their statements admitted about the attempt made by them to export the same by concealing....
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....icated Shri Yusuf and Shri Ashraf in the matter. In view of this enormous evidence in the form of these statements and the inculpatory documents seized from the residence of Shri Ashraf, the Commissioner has given a categorical finding about the concealment of the foreign currencies against the provisions of Foreign Exchange Regulation Act and the same becoming absolutely confiscable. In view of t....