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2008 (11) TMI 420 - AT - CustomsFraudulent claim of higher DEPB benefit - appellant exported the India made ‘Romano’ and ‘Sitax’ brand wrist watch, whose price is domestic market ranged from Rs. 80 to Rs. 120 per piece, to Dubai at highly inflated price of US $ 8.5 per piece FOB and thereafter re-imported the same watches at price of US $ 0.95 to 1.05 per piece and re-exported the same again at the inflated price of US $ 8.50 per piece - goods rightly confiscated under Section 111(m) of the Customs Act, 1962 Redemption fine - goods held to be liable for confiscation in paras 116(ii), (iii) & (iv) of the impugned order are neither available for confiscation nor the same had been released provisionally against bond. Therefore, no redemption fine could be imposed under Section 125 of the Customs Act, confiscation upheld of the goods in para 116(i) of the impugned order and also uphold the penalty imposed in paras 116(v), 116(vii) of the impugned order on M/s. S.S. Watch and penalty imposed in para 116(ix) of the impugned order on Shri Girvar Singh, redemption fine imposed on M/s. S.S. Watch in paras 116(ii), (iii) & (iv) of the impugned order set aside, penalty under Section 112 set aside, imposed on Shri Sunil Bansal in paras 116(v) & 116(vii) of the impugned order, appeals stand disposed off as above.
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