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2016 (12) TMI 1372 - CESTAT BANGALOREImposition of redemption fine and penalty - the redemption fine has been imposed exorbitantly without even conducting any market enquiry to ascertain the market price prevalent so as to determine the margin of profit, and were prayed to be set aside - Held that: - the appellant has declared values which are very much less than the minimum specified as above. Consequently, the import goods are liable for confiscation as has been held by the authorities below - however, the ends of justice will be met by reducing the redemption fine to 7.5% of the value of the goods approved for payment of duty. The penalties imposed are, however, upheld - decided partly in favor of appellant - appeal disposed off.
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