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TMI Blog2016 (4) TMI 683X X X X Extracts X X X X X X X X Extracts X X X X ..... which do not vest in the authority, cannot be exercised. Be that as it may, when the original order passed by the adjudicating authority is perused, in which the redemption fine and personal penalties were imposed. Clearly, the bank guarantees and bonds were to be executed by the petitioners for provisional release of the goods. This provisional release was substituted by confiscation and redemption fine. If therefore, the petitioners pay such redemption fine, they should be entitled to return of the bank guarantees and cancellation of the bonds. The redemption fine and the penalties having been modified by the Appellate Authority, direction ought to have been given for return of the bank guarantee and cancellation of the bonds upon the pet ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /s.Kush Gems P. Ltd., holder of ICE5210018482 and Shri Nilesh Keda(defacto owner of the said goods), I hereby pass the following order: (i) With regard to the import of 1 consignment of rough diamonds (containing total 3 packets) totally weighing 975.180 carats presented for import under Bill of entry no.8816 dated 18.01.2013. I hereby redetermine at US $ 2,50,769.60 and compute assessable value as ₹ 1,39,93,571/and hereby reject the value of US $ 8,63,680.20 declared by them, under Section 14 of Customs Act, 1962 read with Customs Valuation (Determination of value of the imported goods) Rules, 2007. (ii) I hereby order the confiscation of 975.180 carats of rough diamonds of foreign origin totally valued at US $ 2,50,769.6 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the same as under: 28. In view of my above discussion, the appeals are partly allowed and accordingly, I modify the order of the adjudicating authority in respect of fine and penalty as under, in the interest of justice: 29. On payment of redemption fine and penalty if any, (7.5% penalty already paid by them as predeposit for filing appeal), B.G. (Bank Guarantee) given at the time of provisional release of diamonds may be returned to the concerned appellants and Bond so executed may be cancelled. 5. In terms of para No.29 of the appellate order therefore, upon payment of redemption fine and the penalty if any, inclusive of 7.5% of the penalty amount already deposited by the petitioners by way of predeposit at the tim ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ctus officio after signing the order. The appellants may take recourse to legal remedies available to them in law against the final order passed by this authority. 7. Learned counsel Shri Paritosh Gupta for the petitioner submitted that there was no connection whatsoever between the penalties and the bank guarantee and the bonds for provisional release of the goods. Even the adjudicating authority had not related the two different elements. The Appellate Authority therefore, committed a serious error in relating the penalties with release of the bank guarantees and cancellation of the bonds. Under Section 154 of the Customs Act, 1962, the Appellate Authority had the power of rectification. The Appellate Authority also agreed that it w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the petitioners pay such redemption fine, they should be entitled to return of the bank guarantees and cancellation of the bonds. The redemption fine and the penalties having been modified by the Appellate Authority, direction ought to have been given for return of the bank guarantee and cancellation of the bonds upon the petitioners depositing substituted redemption fine. Linking the return of the bank guarantee and the cancellation of bond to the penalties, was either done wholly through oversight or at any rate without legal justification. In either case, we would strike down that portion of the appellate order and permit the petitioners to pursue their pending appeal before the Tribunal for the rest of the grievances. 11. In the res ..... X X X X Extracts X X X X X X X X Extracts X X X X
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