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TMI Blog2008 (2) TMI 160X X X X Extracts X X X X X X X X Extracts X X X X ..... . 7-8 lakhs and further the value of the goods had depreciated - no finding as to why the market value of goods as claimed by appellant is incorrect – redemption fine reduced to 50,000 instead of 5 lac - C/247/2007 - A/332/2008-WZB/C-II/(SMB), - Dated:- 27-2-2008 - Shri M.V. Ravindran, Member (J) [Order per]- This appeal is filed by the appellant against the de novo Order No. CC-(MKG) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the said contention had been accepted by the ld. Commissioner. It is his further submission that the market value of the consignment would not be more than Rs. 7 lakhs to Rs. 8 lakhs, hence redemption fine of Rs. 5 lakhs as imposed is very excessive. 4. The ld. JDR on the other hand would contend that the export of Sandalwood oil requires special licence the ld. Commissioner has not given any ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in dispute and the penalties imposed on the appellant as well as other individuals were upheld. I find from the majority order, the matter was remanded back of adjudicating authority, who held as under 'I have carefully gone through the records of this case as well as submissions of Mrs. Naseem Mehmood Patni, proprietor of M/s. Universal Traders. The only question to be decided in this case as p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hout prejudice to the provisions of the proviso to sub-section (2) of Section 115, such fine shall not exceed the market price of the goods confiscated, less in the case of imported goods the duty chargeable thereon". From the above, it is clear that fine in lieu of confiscation cannot exceed the market price. The goods were seized in September, 2003. The Proprietor of M/s. Universal Traders has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nce of any findings, it would be read that the adjudicating authority has accepted the Market value of Rs. 7 lakhs to Rs. 8 lakhs as was claimed before him. If it is so, then the imposition of redemption fine of Rs. 5 lakhs is definitely excessive. 7. Considering the entire issue in its totality, noting the facts that the said consignment was seized in 2003, and there could be depreciation in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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