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TMI Blog2015 (4) TMI 953X X X X Extracts X X X X X X X X Extracts X X X X ..... o the Settlement Commission in respect of imposition of penalty, we are of the considered view that the Settlement Officer, while re-considering the imposition of penalty, shall also examine the imposition of redemption fine, following due process of law, as observed by the Supreme Court in Commissioner of Customs, Mumbai vs. Mansi Impex [2011 (8) TMI 470 - Supreme Court of India] in accordance with Section 125 of the Act. - Decided partly in favour of assessee. - W.A. No.333 of 2015 and M.P. No.1 of 2015 - - - Dated:- 15-4-2015 - Satish K. Agnihotri And M. Venugopal JJ For the Appellant : Mr. Hari Radhakrishnan For the Respondent : Mr. P. Mahadevan Judgment (Judgment of the Court was made by SATISH K. AGNIHOTRI, J.) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ejected, (ii) why the goods should not be confiscated, (iii) why the amount of ₹ 42 lakhs should not be appropriated towards differential duty amount of ₹ 35,48,881/- with interest and (iv) why the amount of ₹ 7,36,100/- which has been unaccounted in their office, be seized. The appellant has admittedly the full duty liability to the tune of ₹ 35,48,881/-, along with applicable interest, as demanded under the show cause notice. Thus, the order impugned before the learned Single Judge was rightly passed imposing redemption fine. 4 The learned Single Judge, considering the submissions advanced by both the parties, held as under: 9.However, finding of the Commission insofar as the penalty imposed on the company ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... were sought to be imported, were confiscated. On payment of duty as determined, the question that arose was as to what would be the redemption fine payable, if any. The said issue was considered by the Commissioner and thereafter, he had imposed redemption fine in lieu of confiscation and also penalty in terms of the provisions of Sections 125 and 112 of the Act respectively. However, the aforesaid orders passed by the Commissioner came to be interfered with by the Tribunal whereby the Tribunal reduced the quantum of redemption fine as also the penalty. 7 Thus, it is the requirement of law that the amount of redemption fine should not exceed the market price of the goods confiscated and the same can be obtained only on market survey, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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