Penalty Imposed u/s 112(b) of Customs Act for Confiscation of Seized Gold Bars due to Mere Presumption of Smuggling: CESTAT quashes Penalty [Read Order]

Penalty Imposed - Customs Act - Penalty - Customs - Confiscation of Seized Gold Bars - Seized Gold Bars - Gold Bars - Presumption of Smuggling - Smuggling - CESTAT quashes Penalty - CESTAT - taxscan

The Kolkata bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) quashed the penalty for imposing under section 112(b) of the Customs Act, 1962 for confiscation of seized gold bars on the ground of mere presumption of smuggling.  Shreyas Agarwal, the appellant assessee appealed against the order passed for imposing a penalty for…

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