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2014 (1) TMI 1461 - AT - CustomsImposition of redemption fine - Smuggling of gold bars - Confiscation of goods - Imposition of penalty - Held that:- Considering the liberal policy of import of gold prevailing at the time of seizure, it is difficult to agree that the appellant would have made a profit of 40% of the value of seized gold if it did not get seized and then confiscated. The redemption fine that was generally being imposed for seizures at the relevant time was broadly between 10% to 25% of seizure value. It is only proper that this appellant is treated more or less on par with similarly placed offenders. In this particular case there is higher margin accruing to the appellant due to the increase in market value of the goods between time of seizure and time of redemption. So a comparatively higher limit of redemption fine can be adopted - Redemption fine reduced - However, penalty sustained - Decided partly in favour of assessee.
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