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2017 (1) TMI 74 - AT - CustomsWaiver of penalty, interest and redemption fine - valuation of imported goods - raw material Stainless Steel Powder - Held that: - As regard the penalty the adjudicating authority rightly imposed equal amount of penalty as provided under 28AC of the Customs Act, 1962, which adjudicating authority has no discretion to reduce. As regard the option of 25% of penalty, we find that there are contrary judgments of the Hon'ble High Courts on the issue. Moreover adjudicating authority has not considered the judgments cited by the rivals. Therefore it is in the interest of justice that Commissioner should consider the judgments thereafter decide whether appellants are entitle for option of 25% penalty. As regard the demand of interest, we find that interest is chargeable under Section 28AB. However as submitted by the Ld. Counsel that the interest was chargeable at different rates in the different period in terms of notification issued from time to time - we find that adjudicating authority has arbitrarily applied @24% interest rates without any authority. Therefore the same is not sustainable. We hold that adjudicating authority should re-quantify the interest as per the rates prevailing from time to time. As regard the redemption fine, we find that since the goods were not available and same was neither seized nor released provisionally, the redemption fine was not warranted. This issue has been decided by this Tribunal larger bench in case of Shiv Kripa Ispat Ltd vs. Commissioner [2009 (1) TMI 124 - CESTAT MUMBAI] - the redemption fine dropped. Issue of penalty and interest matter stands remanded to the original adjudicating authority - redemption fine dropped - appeal disposed off - partly decided in favor of appellant - matter on remand.
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