2009 (5) TMI 647

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.... Heard both sides. In this case, the appellants imported 50 kgs. of gold valued about at Rs. 5.51 crores through Kolkata Airport. The impugned order has confiscated the entire consignment of gold bar but allowed release for re-export on payment of fine of Rs. 5.00 lakhs and penalty of Rs. 1.00 lakh. 2. The ld. Advocate appearing for the appellants states that the exact charges against the a....

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.... before importing the impugned gold. The adjudicating Commissioner has not specified the RBI Regulations which have been violated by the appellants and how the same prohibits the import of gold requiring confiscation. The ld. DR for the department was asked at the time of last hearing on 8-5-09 to seek instructions in this regard from the department. It also appears that the penalty and fine impos....