Monetary limits for adjudging confiscation or penalty by Customs Officers u/s 162 of Custom Act 1962 for goods liable to confiscation under Chapter XIV
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS)
NOTIFICATION No. 50/2018-Customs (N.T.)
New Delhi, the 8th June, 2018
G.S.R. 533(E).—In exercise of the powers conferred by Section 122 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes and Customs hereby confers power, for the purposes of adjudging confiscation or penalty, on the Customs Officer as mentioned in column (2) of the Table below, in terms of value limit as specified in column (3) of the said Table, in relation to goods which are liable to confiscation under Chapter XIV of the said Act:
TABLE
| Sl. No. | Customs Officer | Value of goods liable for confiscation |
| (1) | (2) | (3) |
| 1. | Assistant Commissioner of Customs or Deputy Commissioner of Customs | Above rupees one lakh but not exceeding rupees ten lakhs |
| 2. |
A Gazetted Officer of Customs lower in rank than an Assistant Commissioner of Customs or Deputy Commissioner of Customs |
Not exceeding rupees one lakh |
[F. No. 450/117/2009-Cus-IV]
ZUBAIR RIAZ, Director (Customs)
CBDT Guidelines for compulsory selection of return for compulsory scrutiny during FY 2024-25 CBDT Guidelines for compulsory selection of…
High Court quashed reopening of assessment on the incorrect presumption that no return of income had been filed Re-assessment order…
In absence of mala fide intention bank should not be treated as assessee in default for late deduction and deposit…
Whether bank account was fraudulently open in the name of assessee is question of fact. High Court declined to entertain…
SBI Concurrent Auditor Empanelment of Chartered Accountant Firms for FY 2024-25 SBI Concurrent Auditor Empanelment of CA Firms for FY…
Change in the constitution of Appellate Authority for CAs CSs and Cost Accountants In 2015, the Ministry of Corporate Affairs…