TMI Blog2017 (3) TMI 588X X X X Extracts X X X X X X X X Extracts X X X X ..... that his inability to explain the source of foreign currency would render it liable to confiscation under CA, 1962 - Customs Act, 1962 is concerned with the illegal importation into India and exportation out of the country. In the absence of any prescription requiring declaration of foreign currency taken out of the country, no justification found to sustain the impugned order - appeal allowed - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... imposed on Shri Gyanchand Jain was ordered to be recovered by encashment of travellers cheques. 2. Appellant seeks the release of seized foreign currency as well as the setting aside of penalty on the ground that there was no admitted concealment, that the foreign currency had been accumulated by him during various trips made by him to Dubai, Syria and Saudi Arabia and he was not aware of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to explain the source of foreign currency would render it liable to confiscation under Customs Act, 1962. The finding in the impugned order of illegal purpose is not tenable as action in relation to illegal purpose, if any, is vested with the appropriate authority under the appropriate statutes other than Customs Act, 1962. 6. Customs Act, 1962 is concerned with the illegal importation into Ind ..... X X X X Extracts X X X X X X X X Extracts X X X X
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