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2019 (4) TMI 1443 - AT - CustomsImposition of penalty on Managing Director - mis-declaration of imported goods - HELD THAT:- The goods were imported by a unit operating under a special scheme framed to showcase best practices and while enabling industrial growth in circumstances of minimal intervention. The ‘double lock bond’ regulated the deployment of imported goods in the operations of the unit and ensured that such privileged goods was utilized exclusively for the intended purpose. In the present instance, it is not anybody’s case that the goods have been diverted or intended to be; on the contrary, it would appear that the claim of the appellants of lack of motive was discarded on the finding of benefits derived from transacting in foreign exchange - Notwithstanding this, the culmination of penalty under section 112 of Customs Act, 1962 commenced from confiscation of the goods as a consequence of admitted mis-declaration in which the motives are not relevant. The benefits that may have accrued to the appellants through misuse of foreign exchange transactions was brought to nought and as the misdemeanour is limited to the act of mis-declaration, the penalty on Shri Hemrajani be reduced to ₹ 5,00,000 and that on Ms Veena Mishra to ₹ 1,00,000 - appeal allowed in part.
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