Briefly explain the provisions of section 122 of the Customs Act, 1962 relating to adjudication of confiscations and penalties.

Section 122 read with Notification No. 50/2018-Cus. (N.T.), dated 8-6-2018 provides that in every case in which anything is liable to confiscation or any person is liable to a penalty, such confiscation or penalty may be adjudged by the following adjudicating authorities: Customs officer Value of goods liable for Confiscation 1) By a Principal Commissioner of Customs or Commissioner of Customs or a Joint Commissioner of Customs Without limit 2) By Assistant Commissioner of Customs or Deputy Commissioner of Customs Above ₹1 lakh but not exceeding ₹10 lakhs 3) By A Gazetted officer of Customs lower In rank than an Assistant Commissioner of Customs or Deputy Commissioner of Customs. Not exceeding ₹1 lakh