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2011 (8) TMI 908 - CESTAT, MUMBAIPenalty - Appellant admitted that diamonds smuggled into India - As per custom act Fine is available in lieu of confiscation - Held That:- Penalty is reduced to Rs 5,00,000/- Penalty - Held That:- No evidence on record to show person was having any knowledge regarding illicit import of the diamonds in question. Thus penalty cannot be imposed.
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