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2002 (12) TMI 134 - AT - CustomsExtract: ....... are liable to confiscation on account of misdeclaration and penalty is imposable on the importer. Taking into consideration all the facts of the matter we are of the view that both penalty and redemption fine need reduction. Accordingly we reduce the penalty to Rs. 50,000/- and redemption fine to Rs. 3 lakhs only. 6. Appeal is thus allowed partly.
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