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2016 (2) TMI 310 - HC - CustomsIllegal acquisition of foreign currency - Both the notices, however, placed sufficient evidence in support of the lawful acquisition of 1000 Euros each for authorized dealer. As regards 110 Euros, in his opinion, were lying unspent from their previous foreign visit. - These lawfully acquired 2110 Euros, were, however, used to conceal the 34000 Euros. - Held that:- It is not in dispute that foreign currency possessed by the petitioner consisted of Euros 23195 and Euros totalling Euros 36120. Considering the provisions of the Customs and FEMA Act, the Appellate Authority, i.e. Commissioner of Customs (Appeals) upheld the petitioner’s contention that foreign currency is not declared to be “prohibited goods” under provisions of either of above Acts, accordingly vide order dated 17.10.2007 directed the respondent department to release entirety of above described foreign currency to the petitioner. Thus, if the Department has accepted the contention of the petitioner in adjudication proceedings and released the foreign currency in his favour, then he cannot be held liable under Section 132 of the Customs Act. - Decided in favor of petitioners.
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