TMI Blog2005 (12) TMI 302X X X X Extracts X X X X X X X X Extracts X X X X ..... : Archana Wadhwa, Member (J)]. - All the three appeals are being disposed of by a common order as the same are directed against the impugned order passed by Commissioner. The challenge in the appeal is only to penalty of Rs. 10 lakh imposed upon M/s. Riya India as also on M/s. Seven Seas Carpets on the findings of the overvaluation of exported goods. In addition personal penalty of Rs. 5 lakhs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... B benefit was only to the extent of Rs. 10.44 lakhs and as such imposition of penalty of Rs. 10 lakhs on each of the exporting firms with a separate imposition of penalty upon the Prop. was not warranted. He, accordingly, prays for reduction in penalty. 4. Countering the arguments, learned DR drew our attention to the Larger Bench decision of the Tribunal as confirmed by the Hon ble Supreme cour ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... point be kept into consideration for fixing the penalty amount. In view of the fact that the merits have not been challenged, we are not interfering with the findings of the Commissioner on the same. However, keeping in view overall facts and circumstances of the case, we reduce the penalty imposed on M/s. Riya India and M/s. Seven Seas Carpets from Rs. 10 lakhs to Rs. 4 lakhs each (Four lakh eac ..... X X X X Extracts X X X X X X X X Extracts X X X X
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