No penalty on confiscated gold bar in the presence of cogent evidence

Anand Aggarwal Vs Commissioner of Customs (CESTAT Delhi) Conclusion: Appellant had reasonably explained the licit possession of the two gold bars, as received by way of succession under the will of his father however due to unexplained  source of licit acquisition by father of appellant,  penalty under Section 112(a) was reduced to Rs. 50,000/-(Rupees fifty thousand only) and penalty under Section 114AA was set aside. Held: Appellant stated that both the gold bars were gifted by his in-laws on the occasion of the marriage of his daughter and submitted the ‘Deed of Gift’. He further state...