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TMI Blog2011 (11) TMI 140X X X X Extracts X X X X X X X X Extracts X X X X ..... from the STPI authorities. Therefore, the assessee is liable to pay dues of Customs and Central Excise on the imported and indigenous capital goods respectively under Section 28 of the Customs Act and Section 11A of the Central Excise Act respectively with applicable interest on it. However, the quanta of these dues required to be re-worked out by the original authority after granting depreciation of value in accordance with law. Quantum of fine & penalty is reduced. - C/2603 & 2604 of 2010 - 770-771/2011 - Dated:- 29-11-2011 - Shri P. G. Chacko, Shri M. Veeraiyan, JJ Appearance Ms. Pramila Viswanathan, Advocate for the appellants Mr. Ganesh Havanur, SDR for the respondent PER : P. G. CHACKO These applications seek w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... original authority passed an order : (i) Cancelling the licence under Section 58 (2) of the Customs Act, 1962; (ii) Confiscating the imported capital goods and the indigenous capital goods under Section 111(o) of the Customs Act, 1962 and Rule 25 of the Central Excise Rules, 2002 respectively with an option for redemption against payment of fine of Rs. 1,00,000/-; (iii) Demanding aforesaid amounts of Customs duty and Central Excise duty on the imported and indigenous capital goods under Section 28 of the Customs Act and Section 11A of the Central Excise Act respectively; (iv) Demanding interest of duties under Section 28 AB of the Customs Act and Section 11AB of the Central Excise Act respectively; (v) Imposing penalties equal t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hence any malafide intent was not to be attributed to the appellants. It is also submitted that the duty demand is liable to be computed on the value of the goods duly depreciated. It is further pointed out that quanta of fine and penalties imposed in this case are excessive and the same are liable to be reduced further. 5. The learned SDR has reiterated the findings of the original and first appellate authorities and has opposed the prayer for reduction of the quanta of duty, interest, fine and penalties. 6. After giving careful consideration of the submissions, we are of the view that the circumstances in which the goods were removed from the bonded premises were not properly considered by the lower authorities. The Managing Dir ..... X X X X Extracts X X X X X X X X Extracts X X X X
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