TMI Blog2018 (2) TMI 1689X X X X Extracts X X X X X X X X Extracts X X X X ..... demption fine and penalties - In the present case, value of the goods estimated by the customs authority is ₹ 41.45 crore, accordingly differential duty amount (after payment of duty on the declared value) come to ₹ 3.62 crores. By taking this differential duty, the total amount as per the guidelines given in para 2.2 of Circular dated 16-8-2017 should be approximately not more tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s of bond equal to the estimated value of ₹ 41.45 Crores and submission of bank guarantee of 30% estimated value minus duty already paid by the importer. Being aggrieved by the impugned order appellant filed present appeal only for reducing quantum of security which they claimed is very harsh and arbitrary. 2. Ms.Laxmi Menon, Ld. Counsel for the appellant made various statements on merit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nctors Ltd Vs. CC[2000(122)ELT321(SC)] (e) Tolin Rubbers Pvt Ltd Vs. CC[2004(163)ELT 289(SC)] (f) Grant Investrade Ltd Vs. UOI[2017(349)ELT 702(Bom)] 3. On the other hand, Shri. Ahibaram, Ld. Addl. Commissioner(A.R.) appearing on behalf of the Revenue reiterates the findings of the impugned order. 4. On careful consideration of submissions made by both sides, we find that at the s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fferential duty leviable on the seized goods being provisionally released; ii. amount of fine that may be levied in lieu of confiscation under Section 125 of the Customs act, 1962 at the time of adjudication of the case. While securing the same, the competent authority shall take into account the nature of the seized goods, the duty and charges payable on the said goods, their market price an ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
