2001 (5) TMI 521 - AT - Customs

Summary

The appellate tribunal upheld the confiscation of Rs. 2 lakhs under Customs Act but set aside the personal penalty imposed. The appellant, an executive of an export firm, believed he was entitled to carry the money legally. Ignorance of the law was not accepted as an excuse, but the tribunal allowed redemption of the confiscated amount on payment of a fine.