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The Court stated that it must balance the right of the investigating agency, and the right of the person facing prosecution to travel in India and abroad.
“Mere act of purchasing gold without bill is highly insufficient to confirm the grave allegations of conspiring the act of smuggling of gold. Presumptions and assumptions can never be the basis for imposition of penalty”
The Court noted that the 2021 decision was rendered without taking note of the relevant statutory scheme under Customs Act, 1962 and government circulars and notifications issued which empowered the officers of Directorate of Revenue Intelligence (DRI) to issue show cause notices.
The petitions are premised upon a show cause notice issued by DRI promulgating that the intelligence has indicated that various entities of Adani Group and Essar Group were indulging in gross over-valuation of imported goods (zero or low duty rated) to siphon off money abroad from Public Listed Companies.