Home Case Index All Cases Customs Customs + AT Customs - 2016 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (2) TMI 647 - AT - CustomsLevy of redemption fine and penalty - seizure of foreign currency carried by appellant in person as a passenger - Held that:- considering the fact that the appellant was already arrested and remanded to judicial custody for 15 days and he was also prosecuted in the criminal proceedings by the lower court and also considering that where the profit margin is determined based on market price and value of currency is purely based on fluctuation of foreign exchange rate, we find that RF and penalty is on higher side. - imposition of RF reduced from ₹ 11,00,000/- to ₹ 7,00,000/- (Rupees Seven lakhs only) and personal penalty reduced from ₹ 2,50,000/- to ₹ 1,00,000/-. Accordingly, the appeal is partly allowed - Decided partly in favor of appellant.
|