2009 (3) TMI 1046 - AT - Customs

Summary

Issues involved: Application for waiver of predeposit of penalty, reduction in quantum of fine and penalty, failure to declare foreign currency worth approximately &8377; 58 lakhs.

The judgment by the Appellate Tribunal CESTAT CHENNAI pertains to an application for waiver of predeposit of penalty of &8377; 5 lakhs imposed upon the appellant for failure to declare foreign currency worth approximately &8377; 58 lakhs. The Tribunal decided to proceed with the appeal itself at this stage, considering the appellant's request for reduction in the quantum of fine and penalty. Citing precedents such as Philip Fernandes Vs. Commissioner of Customs (Airport), Mumbai and Halithu Ibrahim Vs. Commissioner of Customs (Airport), Chennai, the Tribunal reduced the fine from &8377; 32,00,000/- to &8377; 7,50,000/- and the penalty from &8377; 5,00,000/- to &8377; 1,00,000/-. The Tribunal also allowed the appellant's prayer for the return of the sale proceeds after deducting the reduced fine and penalty from the realized amount of &8377; 56,00,000/-. The appeal was partly allowed in favor of the appellant.