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2010 (4) TMI 505 - CESTAT NEW DELHIRedemption fine - case the Adjudicating Commissioner Shri A.K. Srivastava has reduced the declared value of the impugned goods to Rs. 10,66,617/-. However, he has imposed a redemption fine of Rs. 77,94,913/- after ordering confiscation of the impugned goods which were provisionally released earlier against a bank guarantee of Rs. 25 Lakhs. After valuing the goods at a much lower value of Rs. 10,66,617, it cannot be comprehended how the Adjudicating Commissioner can impose a redemption fine of Rs. 77,94,913/- on the face of a clear provision of law under Section 125 of the Customs Act, 1962 that the redemption fine is not to exceed the market value of the goods. This not only shows total non-application of mind on the part of the Adjudicating Commissioner, but also demonstrates lack of appreciations of provisions of the law apart from carelessness Held that - clear provision under section 125 of the Act that redemption fine not to exceed market value of goods. Non application of mind on part of adjudicating commissioner. Matter remaded.
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