1998 (9) TMI 596 - AT - Customs

Summary

The Appellate Tribunal CEGAT, Kolkata imposed a penalty of Rs. 1 lakh on the appellant under Section 112(b) of the Customs Act, 1962 for dealing with smuggled gold bars. However, the Tribunal set aside the penalty as the gold was not found in the appellant's possession, his initial statement was retracted, and there was no independent evidence of his involvement.