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2014 (8) TMI 12 - HC - CustomsConfiscation of goods - Imposition of redemption fine - Under valuation of goods - Assessee admitted under valuation - Held that:- when goods are liable for confiscation, and confiscated and released to the assessee on his executing a bond or bank guarantee, the proceedings are concluded holding that if there is a violation of the provisions of the Act, then the order of confiscation has to follow as a matter of course. As the goods are already released in favour of the assessee instead of again taking possession of the confiscated goods, the law provides for payment of fine in lieu of confiscation which is popularly known as redemption fine. Therefore, whether the bond executed by the assessee is in force; whether the bank guarantee executed for due compliance of the bond is in force or not; whether goods are in possession of the authority or not; whether the goods in existence or not on the day when order was passed is totally irrelevant - Once that finding is recorded in lieu of confiscation of the goods and option is given to the assessee to pay confiscation fine ie., redemption fine to retain the goods - decided in favour of Revenue.
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