122. Adjudication of confiscations and penalties. In every case under this Chapter in which anything is liable to confiscation or any person is liable to a penalty, such confiscation of or penalty may be adjudged,-
(a) without limit, by a[ Collector of Customs] or a[ Deputy Collector of Customs;]
(b) 2[ where the value of the goods liable to confiscation does not exceed[ fifty thousand] 4, rupees by an[ Assistant collector of Customs."]
(c) where the value of the goods liable to confiscation does not exceed two thousand five hundred rupees, by a gazetted officer of customs lower in rank than an[ Assistant Collector of Customs.]