Penalty of Rs. 40 lakhs for smuggling gold under Customs Act, but gold confiscation deemed improper due to lack of conditions.

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....Penalty of Rs. 40 lakhs under Section 112(b)(i) of the Customs Act - Smuggling - foreign origin gold - The confiscation of gold under the facts and circumstances is bad in absence of condition precedent, as provided under Section 111(d), (o) and (p) of the Customs Act - the appellant has not violated any of the provisions of Section 111 as alleged - AT....