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2017 (5) TMI 1126 - CESTAT NEW DELHIMis-declaration of description and value of goods - redemption fine - penalty - Held that: - This revision of value is made basically in terms of revised invoice produced by the importers themselves during the course of examination of the goods. Admittedly, the value of goods (permissible for import) was mis-declared, at the lower side, by 10 times. This shows the seriousness of the offence. A revised value of the permissible goods alone comes to ₹ 1,10,62,837/-. The Original Authority imposed a redemption fine of ₹ 15 lakhs, which works out to less than 15% of the assessable value. I find such a redemption fine is fair and reasonable in terms of Section 125 of the CA, 1962. The reduction of the said fine to ₹ 5 lakhs by the impugned order is not justified. There is no reason at all recorded for such reduction. The reasons recorded by the impugned order for setting aside the penalty is not legally justifiable. The provisions of Section 112(b) is correctly invoked for penalties on these Directors. Appeal allowed - decided in favor of Revenue.
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