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2019 (1) TMI 668 - AT - CustomsImport of restricted item - rough marble blocks - import without any specific license - Valuation - rejection of declared value based on contemporaneous imports - confiscation - redemption fine - penalty - Held that:- The fact is not under dispute that rough marble blocks imported by the appellant was restricted and permitted for import subject to observance of the import licensing procedures prescribed by the DGFT. In this case, the appellant had not followed any procedure laid down in the Notification dated 31.3.2010 read with the FTP 2009-2014. Thus, such imported goods was liable for confiscation and had appropriately been confiscated by the original authority. Redemption fine - penalty - Held that:- The original authority has not considered the aspect of margin of profit expected to be earned in normal course of trade in respect of such imported consignment. Further, in respect of the same goods imported earlier by some other importer, viz., Guru Kripa Marbles, the Tribunal has reduced the quantum of redemption fine and penalty, holding that the same should be calculated based on the formula laid down by Section 125 of the Act - the prayer of the appellant can be considered to the limited extent of reduction of the quantum of fine and penalty imposed on it. The impugned order is modified, to the extent of reducing the quantum of redemption fine and penalty to ₹ 14,00,000/- and ₹ 3,50,000/- respectively - appeal disposed off.
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