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2019 (3) TMI 983 - AT - CustomsRelevant date for fixing redemption fine - seizure of Gold - Held that:- The provision contained in Section 14 says that the value of the goods has to be arrived on the date of import / export. The delay in adjudication cannot be a factor for deciding the market value of the goods by the department. In the case of enhancement alleging non-declaration of correct value of goods, the basis of the similar imports during the relevant period is to be taken into consideration and not the value of the goods at the time of passing the order by the authority. In this line, when the redemption fine is imposed, the relevant date for fixing the redemption fine should be the market value of the goods prevailing at the time of seizure and not at the time of passing the order. The Five Member Larger Bench of the Tribunal had addressed the very same issue in the case of Omex India Vs. Commissioner of Customs [1992 (12) TMI 57 - CEGAT, NEW DELHI]. It was held that the market price at the time of importation has to be taken into consideration for calculating the fine that has to be paid for redeeming the goods. The appellant is liable to pay redemption fine on the market value of the goods as it stood at the time of seizure which is ₹ 7,35,247.81 - The Commissioner (Appeals) has held that the margin of profit would range from 30% to 50%. Therefore, the redemption fine is reduced to ₹ 3,70,000/- - appeal disposed off.
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