Appeal dismissed, confiscation of Rs.89,70,000 refused under s.3(d); withheld funds to be applied against s.13(2) penalties

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....The AT dismissed the Department's appeal and upheld the Special Director's refusal to confiscate Rs.89,70,000, concluding that no contravention of s.3(d) was made out because the alleged transfer was interrupted by enforcement action and never materialized; attempts to invoke s.3(c)/s.3(d) and penalty under s.13(2) did not justify confiscation. The tribunal declined to interfere with penalties of Rs.25,00,000 imposed on each appellant. Noting an unexplained 20-year retention, the AT directed the respondent to apply the withheld Rs.89,70,000 against the penalties and refund any surplus to the appellants. All appeals were disposed of accordingly.....