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2015 (6) TMI 773 - SC - CustomsReduction of penalty - Exemption under Notification No.64/88-CUS dated 1.3.1988 - Import of Nuclear Magnetic Resonance Scanner, which is a medical instrument - Held that:- Insofar as the payment of duty at the reduced value is concerned, Mr. A.K.Sanghi, learned senior counsel may have something to say, but we find that in the order dated 3.11.2003 passed in this appeal, notice was issued limited to the question of reduction of penalty. Therefore, we refrain from going into the issue raised in the appeal and would confine ourselves only to the reduction of the penalty. - no reason whatsoever is given for reducing the penalty from ₹ 20 lakhs to ₹ 1 lakh except observing that it "appears to be excessive". We have already taken note of the circumstances under which the breach has been committed by the respondent. More serious breach is the violation of undertaking given to this Court. - was not a fit case where penalty should have been reduced. Since the respondent is now to pay the duty at the depreciated value of the machinery, we set aside the order of the CEGAT in so far as reduction of penalty from ₹ 20 lakhs to ₹ 1 lakh is concerned - Decided in favour of Revenue.
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