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TMI Blog2013 (8) TMI 544X X X X Extracts X X X X X X X X Extracts X X X X ..... and the reduction was nearly Rs. 29 lakhs – Making overall assessment of facts and circumstances depicted above, penalty is reduced to Rs. 4 lakhs - Penalty was imposed u/s 114(iii) - this section prescribes penalty not to exceed the value of goods as declared by the exporter or the value as determined under Customs Act, 1962, whichever is greater – Appeal allowed partly. - Appeal No. 287/2008-C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ff fine of Rs. 2 lakhs and also penalty of Rs. 5 lakhs. Added to that the DEPB claim in quantum got reduced. 2. Appellant s plea was that there was no mis-declaration and the entire value of export have been realised for which there should not be any adverse inference against the appellant. 3. Revenue does not agree with the contention of the appellant on the ground that the value of the goods ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation we looked into the quantum of fine and penalty. We do not order any reduction in fine as a result of which fine of Rs. 2 lakhs is confirmed. So far as penalty is concerned we find that the value of goods reduced by six times of the declared value and the reduction is nearly Rs. 29 lakhs. Penalty was imposed under Section 114(iii). This section prescribes penalty not to exceed the value of go ..... X X X X Extracts X X X X X X X X Extracts X X X X
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