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2013 (6) TMI 693 - HC - CustomsConfiscation of goods - Misdeclaration of goods - Held that:- Import of raw materials more than what was required was done under the licence granted by the DGFT. In the circumstances, the Tribunal rejected the contention of the Revenue on the aspect of intentional misdeclaration on the part of the assessee so as to attract the provisions of Section 111(o) of the Customs Act. The Tribunal, on appreciation of the above-said vital fact, cancelled the redemption fine of ₹ 1.00 lakh imposed in lieu of confiscation. Even though the Tribunal viewed that there was mala fide on the part of the assessee to import these goods, however, on the aspect of levy of penalty under Section 114A of the Customs Act at a sum equivalent to the duty amount, taking note of the circumstances that the assessee had the benefit of licence to import, the Tribunal reduced it to a sum of ₹ 3.00 lakhs. So too, the imposition of penalty on the Managing Director at ₹ 5.00 lakhs was also cancelled - Import itself had been effected consequent on the licence granted by the DGFT and the circumstances were taken note of by the Tribunal - Decided against Revenue.
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