The Kolkata bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) quashed the penalty under section 114AA of the Customs Act,1962 imposed for the confiscation of 12 pieces of gold without any reasonable belief of illegal importation. Shimul Sarkar, the appellant assessee purchased gold with valid documents from Vicky Jewellery Works Pvt. Ltd….
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