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2011 (10) TMI 446 - HC - CustomsRedemption fine - Search and seizure - A notice to show cause was issued and after adjudication, the Deputy Commissioner of Customs ordered confiscation of the foreign currency equivalent to Rs. 17.29 lakhs under clauses (d), (e) and (h) of Section 113 of the Customs Act, 1962 read with the provisions of the FERA, 1973 - held that:- In this view of the matter, we would have been inclined to remit back the proceedings to the revisional authority for imposing a redemption fine on the balance representing an amount equivalent to Rs. 20 lakhs. However, since the matter is of the year 1994 and in order to enable the proceedings to have finality, both Counsel appearing on behalf of the Commissioner of Customs and Counsel appearing on behalf of the Assessee joined in stating that it would be in the interests of justice that this Court should impose a suitable redemption fine and should ensure finality to the proceedings. Accordingly, we have applied the same yardstick as was applied by the revisional authority on the quantum of redemption fine imposed on the foreign currency amounting to Rs. 27.29 lakhs. On this amount a redemption fine of Rs. 5.50 lakhs was imposed. We accordingly direct that on the balance of the foreign currency equivalent to Rs. 20 lakhs a redemption fine of 25%, quantified at Rs. 5 lakhs shall be imposed.
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