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2011 (8) TMI 955 - AT - CustomsQuantum of redemption fine and penalty - Section 115 deals with confiscation of conveyance and only lays down the maximum limit for imposing the redemption fine as the market price of goods sought to be smuggled and does not mandate the fixing of redemption fine equivalent to the market price of the goods less duty payable - For fixing the redemption fine, various factors have to be taken into consideration-The Commissioner (Appeals) have already, after taking into account various expenses incurred by the respondent arrived at a finding of nominal margin of profit of Rs.500/- per machine - As such, the profit earned by the respondent was on the lower side and even if the entire margin of profit is wiped out the redemption fines confirmed by the Commissioner (Appeals) are much on the higher side. Similarly, the penalty reduction to Rs.20,000/- cannot be faulted upon inasmuch as there was no mis-declaration of description of the goods - Decieded in favour of assessee.
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