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2010 (11) TMI 362 - AT - CustomsConfiscation - Penalty - it is not in dispute that the Commissioner’s order is bad in law insofar as the goods, in respect of which no Bill of Entry was filed, are concerned - whether, in lieu of confiscation, a redemption fine should be imposed and, if so, to what extent - High Court, after detailed examination of the circumstances of the case, held that 20% of the value of the goods would be a reasonable redemption fine under Section 125 of the Act - Held that: appellants are liable to pay redemption fine @ 20% of the value of the goods Regarding quantification of fine - Confiscation with redemption fine would be applicable only to the other diamonds covered by Bills of Entry, and the share of these goods in the sale proceeds would be approximately 50% of Rs. 4.95 crores - It is not in dispute that the diamonds were disposed of by the department during the pendency of these appeals in violation of the instructions of the Board contained in the circular dated 14-2-2006 - The penalties imposed on M/s. Vaibhav Exports and M/s. Pushpak Impex shall remain the same as those imposed by the Hon’ble High Court, Rs. 36 lakhs and Rs. 42 lakhs respectively Regarding interest - Held that: the interest shall be calculated on the seizure value of the goods not covered by any Bill of Entry and on the declared value of other goods covered by Bills of Entry - Appeals are disposed of
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