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Issues:
1. Misdeclaration of description and value of imported goods 2. Confiscation of goods under Section 111 of the Customs Act 3. Imposition of penalties under Section 112 of the Customs Act 4. Locus standi of the Bank to challenge redemption fine imposed by the Commissioner Analysis: 1. The case involved the import of Stainless Steel Defective Circles from Korea by IS Corporation, where the goods were found to be non-magnetic stainless steel circles of prime quality instead of defective circles as declared. The department alleged misdeclaration and undervaluation, leading to a significant difference in assessable value. A show cause notice was issued proposing confiscation of goods and penalties under Sections 111 and 112 of the Customs Act, respectively. 2. The Commissioner confirmed a demand for customs duty on the goods and imposed a redemption fine in lieu of confiscation, along with penalties on the proprietor and IS Corporation. The Bank, claiming ownership due to non-claim by the importer, challenged the redemption fine. The Commissioner's order was based on the non-contestation of the show cause notice and subsequent proceedings. 3. The Bank argued locus standi based on being a "person aggrieved" under Section 129A of the Customs Act, citing a Supreme Court judgment. However, the Bank's monetary interest did not establish a legal right over the goods, as it was not an importer or owner. The Bank's challenge to the redemption fine was deemed invalid due to lack of direct legal interest in the goods. 4. The Bank's history of legal actions, including writ petitions and civil suits, did not confer ownership or proprietary rights over the goods. The Bank's intervention in adjudication proceedings did not grant it the necessary standing to challenge the redemption fine. The Bank's appeal was dismissed for lack of locus standi, as it was not a party to the show cause notice and had no direct legal interest in the imported goods.
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