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2015 (5) TMI 698 - AT - Central ExcisePenalty u/s 11AC - Clandestine removal of goods - Held that:- Penalty under section 11AC of the Act is not imposable as in this case as duty demand has already been dropped by the learned Commissioner (Appeals). Further, I find that currency seized is the amount withdrawn from the bank which is not the sale proceed of the goods. Nobody will keep the amount recovered from the clandestinely removed goods in bank, therefore amount seized was not the sale proceeds of the goods which have been cleared clandestinely. In these circumstances, seizure of Indian currency is not correct. Consequently the same cannot be confiscated. In these circumstances, the confiscation of the Indian currency is set aside. Further, I find that for the goods seized at their business premises valued at ₹ 20,27,870/-, the redemption fine was imposed of only ₹ 25,000/- whereas the goods valued at ₹ 91,58,842/-, the redemption fine imposed is ₹ 300,000/- which is highly excessive - Decided partly in favour of assessee.
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