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2014 (1) TMI 1221 - AT - CustomsWaiver of pre deposit - Penalty u/s 114 - Confiscation u/s 113 - Over valuation of goods - Held that:- goods have been held liable to confiscation under the provisions of Section 113(i) of the Customs Act for overvaluation of the goods under export. The overvaluation has been done by the exporter and the appellant-bank has no role to play in such overvaluation. No doubt there has been some negligence on the part of the bank in not properly verifying the export documents and recommending to the RBI for allowing remittance to the exporter under the Rupee-Rouble Trade Agreement. However, such omissions on the part of the bank do not fall within the scope of Section 113(i) and consequently no penalty is imposable on the appellant-bank under Section 114 - penalty cannot be imposed on the Bank Manager for not taking due caution before opening current account in the name of proprietor and company will not attract penalty under Section 114 - appellant-bank has made out a strong case in their favour for grant of stay - Stay granted.
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