TMI Blog2014 (1) TMI 1461X X X X Extracts X X X X X X X X Extracts X X X X ..... eized gold if it did not get seized and then confiscated. The redemption fine that was generally being imposed for seizures at the relevant time was broadly between 10% to 25% of seizure value. It is only proper that this appellant is treated more or less on par with similarly placed offenders. In this particular case there is higher margin accruing to the appellant due to the increase in market v ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Tribunal upheld the order of the adjudicating authority that the gold bars were smuggled into India and the same were liable to confiscation. However, the Tribunal held that considering the changes in the policy of the government in the matter allowing import of 5 Kg of by any passenger returning to India after continuous stay of one year abroad on payment of reasonable duty, absolute confiscat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion order is nearly 40% of the seizure value which is very high because no such margin of profit could be made during the relevant time by smuggling of gold in view of the liberal policy for import of gold at that time. He submits that in the case of B.V.S. Kanagarathinam, CESTAT Bangalore Bench in their Final Order No.337 338/06 dt. 20.2.2006 had imposed a fine of Rs.1,60,000/- for 29 gold bar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , Trichy vide Order No.18/2006 (Commr.) dt. 28-06-2006 imposed a penalty of only Rs.2,50,000/-. Considering such orders, the learned advocate submits that the redemption fine imposed is very high and it should be reduced to a reasonable amount. 5. Opposing the prayer, Ld. AR for Revenue submits that the value of the seized goods which was at Rs.52 lakhs in 2001 had increased to about Rs.101 lakh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is only proper that this appellant is treated more or less on par with similarly placed offenders. In this particular case there is higher margin accruing to the appellant due to the increase in market value of the goods between time of seizure and time of redemption. So a comparatively higher limit of redemption fine can be adopted. Considering this aspect I order reduction of redemption fine fro ..... X X X X Extracts X X X X X X X X Extracts X X X X
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