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2011 (2) TMI 626 - AT - CustomsFine in lieu of confiscation and penalty - Confiscation of defective steel plates and order for redeeming the same on payment of fine in lieu of confiscation of Rs.2.5 lakhs - he only offence involved in this case is the mis-declaration of the goods and importation through a wrong port and there is no mis-declaration of value or quantity etc. and also the fact that the redemption fine has been fixed without any application of logic or reasoning, some reduction in the redemption fine and penalty is warranted - In the absence of any specific survey or details, 10% profit margin can be assumed and therefore to wipe out the same thing, redemption fine of Rs.1 lakh would be appropriate - Having regard to the fact that total value of the goods is around Rs.9 lakhs, penalty of about Rs.50,000/- would meet the ends of the justice - Appeal is rejected but fine in lieu of confiscation is reduced to Rs.1 lakh and penalty on the appellant is reduced to Rs.50,000/-
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