(1.) This appeal by the assesee is directed against the final order passed by the Customs, Exercise and Service Tax Appellate Tribunal, South Zonal Bench, Chennai, (in short, "the Tribunal") dated 29.04.2016 in Final Order No.40678/2016.
(2.) Mr.A.Thiyagarajan, learned Senior Counsel appearing for the appellant, submitted that the Court may consider the substantial questions of law No.(i) and (iii), though, the appeals have been admitted on 3 substantial questions of law vide order dated 012016. Thus, recording the concession given by the learned Senior Counsel for the appellant, this appeal is admitted on the following two substantial questions of law :
(3.) The appellant was issued a show cause notice dated 16.10.1992 proposing to absolutely confiscate 22 numbers of gold bars weighing about 2563 gms. valued at Rs. 7,35,247.81ps. under Section 111(d)(l) and (m) of the Customs Act, 1962 (in short "the Act") read with Section 67 of the Foreign Exchange Regulation Act, 1975, as to why the materials used for concealment should not be confiscated and as to why penalty should not be imposed under Section 111(e) of the Act.