TaxTMI 
TaxTMI 
2023 (9) TMI 1471
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....n by the Adjudicating Authority which had in exercise of the discretion conferred by Section 125 of the Customs Act, 1962 proceeded to permit the release of the gold articles which had been seized on payment of redemption fine. 2. As would be evident from the Order-in-Original, the seizure related to gold bars weighing 12000 grams valued at Rs. 3,56,64,000/-. The aforesaid gold bars were found concealed in 08 UPS mchines and packing material. We had by our order dated 28 July 2023 framed the following question of law in the present case:- "a. Whether gold could be said to fall in the prohibited category as contemplated under Section 125 of the Act and thus not liable to be released on payment of redemption fine?" 3. Insofar as the said ....
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.... or import being subject to conditions that may be prescribed. It is thus manifest that a prohibition could be either in absolutist terms or subject to a regime of restriction or regulation. It is this theme which stands reiterated in Section 3(2) of the FTDR which again speaks of a power to prohibit, restrict or regulate. It becomes pertinent to bear in mind that in terms of the said provision, all orders whether prohibiting, restricting or regulating are deemed, by way of a legal fiction, to fall within the ambit of Section 11 of the Act. This in fact reaffirms our conclusion that Section 2(33) would not only cover situations where an import may be prohibited but also those where the import of goods is either restricted or regulated. A fo....
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....p; xxx xxx 154. The submission addressed by the learned amicus does not commend acceptance when one bears in mind the admitted position that the stipulation with respect to the import of gold being subject to RBI regulatory control is a prescription which stands incorporated in and introduced by the FTP itself. It is the FTP formu....
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.... aforenoted, the Court finds no illegality in the individual orders passed by the Adjudging Officer and which were impugned in these writ petitions." 4. In the facts of the present case, we find that the gold bars had been deliberately concealed in 08 UPS machines and packing material and were sought to be imported through a courier. The gold bars weighed 12000 grams and had been valued at that time at approximately Rs. 3.56 crores. 5. We find that the import of gold is strictly regulated and is permitted only through certain identified agencies, who too must import the same in accordance with a restricted and regulated regime which stands created in terms of the various Circulars issued by Customs as well as the Reserve Bank of India. 6....