1999 (3) TMI 174 - AT - Customs

Summary

The judgment by the Appellate Tribunal CEGAT, Mumbai involved a waiver application for a deposit of Rs. 3.50 lakhs imposed on the applicant due to the seizure of foreign currency worth Rs. 40.76 lakhs. The applicant claimed to be a carrier paid a meagre amount and retracted statements regarding the source of the currency. The Tribunal directed the applicant to deposit Rs. 3.00 lakhs within two months, waiving the balance of the penalty.