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2017 (11) TMI 274 - CESTAT MUMBAIRemission of duty - penalty u/s 11AC - Held that: - The estimate given by the appellants is an estimate of the stock it had before the flood and after the flood, which does not mean that the goods have been destroyed in flood. This difference would also include the goods which could not be accounted for various reasons. In these circumstances, no option but to rely on the estimate given by the insurance company. The appellants would be entitled to the remission of the quantum estimated by the insurance company and for the balance they would be required to pay the duty - appeal allowed by way of remand.
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