Taxpayer Explained source of Money for Purchase of Gold: CESTAT deletes Penalty u/s 112 of Customs Act [Read Order]

The appellant also explained the source of money for the purchase of gold.
Taxpayer - source of Money - Purchase of Gold - CESTAT - Penalty - Customs Act - taxscan

The Hyderabad bench of the Customs Excise and Service Tax Appellate Tribunal (CESTAT) has deleted the penalty under section 112 of the Customs Act after the taxpayer provided an explanation regarding the source of money used for the purchase of gold. The Appellant Kogatam Sadik Basha is carrying on jewellery business mainly as goldsmith at…

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