TMI Blog2016 (2) TMI 647X X X X Extracts X X X X X X X X Extracts X X X X ..... from ₹ 2,50,000/- to ₹ 1,00,000/-. Accordingly, the appeal is partly allowed - Decided partly in favor of appellant. - Appeal No. C/143/2008 - Final Order No. 40213/2016 - Dated:- 4-2-2016 - Hon ble Shri R. Periasami, Technical Member And Hon ble Shri P.K. Choudhary, Judicial Member For the Appellant : Shri A. Ganesh, Advocate For the Respondent : Ms. Indira Sisupal, AC (AR) ORDER Per R. Periasami The appeal is taken up in pursuance of Hon'ble Madras High Court's order dt. 3.7.2015. 2. The brief facts of the case relates to seizure of foreign currency from the appellant at the Chennai Airport on his departure from Chennai to Singapore, confiscation and imposition of redemption fine and penalt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... High court in their order dt. 15.6.2009 in W.P.No.10035/2009 and MP No.1/2009 condoned the delay and restored the appeal. He submits that the Tribunal considered all the facts and also relied para-8 of OIO where the adjudicating authority has imposed RF of 50% by taking depreciation of the foreign currency amount which is very high. He pleaded for reduction in the RF. He relied (i) the Supreme Court judgement in the case of Commissioner of Customs, Mumbai Vs Mansi Impex - 2011 (270) ELT 631 (S.C.), (ii) Tribunal's Final Order No.325/2009 dt. 30.3.2009 in the case of S.Pondithurai Vs CC and (iii) (3) UOI Vs Rostam Parvaresh 2012 (276) ELT 454 (Bom.). The counsel also submits that appellant was arrested on 23.11.2005 and released on 6.1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ine has taken the prevailing foreign exchange rate and also the depreciation of the foreign exchange of US$ and by taking into depreciation value of seized foreign currency he converted into Indian rupees as 21,98,315/-. By taking this exchange rate value, he imposed the redemption of 50% on the value of equivalent to foreign currency. In this regard, we find that in this case of the seizure of goods is only the foreign currency. The currency was seized on 22.11.2005 and the adjudicating authority in his denovo order dt. 18.8.2007 redetermined the RF taking depreciation of US currency at the prevailing exchange rate on the date of decision and determined the RF strictly in terms of Section 125 of Customs Act. 5. In this regard, we rely H ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ket survey was done for determining the market price of the goods, it could not have been possible for the Commissioner to arrive at a legally justified and correct quantum of redemption fine to be imposed. Any such determination would also be without following the procedure prescribed under the Act. We also rely the Hon ble High Court of Bombay in the case of UOI Vs Rostam Parvaresh (supra) wherein the High Court on the release of confiscated foreign currency has imposed RF equivalent of the value of foreign exchange. The ratio of the Hon'ble Apex court and the Hon'ble High Court's order are applicable to this case. Revenue relying on the decision of High Court decision in CC Vs Syed Mehaboob Syed Kareem - 2014 (305) ELT 5 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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