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2007 (2) TMI 567 - AT - CustomsExtract: .......khs approx. As such while upholding the confiscation of the same, we reduce the redemption fine from Rs. 43 lakhs to Rs. 3.5 lakhs and penalty from Rs. 26 lakhs to Rs. 3 lakhs. Penalty of Rs. 8 lakhs imposed on the Managing Director is however set aside. Both the appeals are disposed of in above manner. (Operative part pronounced in the Open Court)
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