9911796707
TMI Blog2016 (12) TMI 1025X X X X Extracts X X X X X X X X Extracts X X X X ..... declared value of the two consignments, intended to be cleared to Nepal against Customs Transit Declaration(CTD) was ₹ 24,13,642/-. At the time of seizure department estimated the market value of Bearings to be ₹ 1,93,09,139/-. At the time of disposal of the said goods as per the direction of Hon’ble Apex Court an amount of ₹ 1,01,05,990/- was realized and deposited with State Bank of India, Main Branch, Kolkata. Even if the sale proceeds of ₹ 1,01,05,990/- is taken to be the market value of the seized goods then also the margin of profit will be more than 300%. Accordingly Bench is of the considered view that redemption fine imposed by the Adjudicating authority is highly inadequate. In the interest of justice rede ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nts were found to be of Russian/Japanese/Police/Romanian origin and were seized by the department. That before issue of show cause notice M/s.Kumar Trading Co.Ltd. (supplier) filed a Writ Petition No.1650 of 1998 in Calcutta High Court seeking permission for re-export of the seized goods. That Hon ble Calcutta High Court (Single Bench) vide Order dated 01.02.1999, inter alia, permitted the petitioner to re-export the goods to Dubai by setting aside the seizure and quashing the show cause notice. That department filed an Appeal before the Division Bench of Calcutta High Court, which was dismissed on 04.07.2000. That Revenue filed SLP No.12748 of 2001 before Supreme Court and Hon ble Apex Court vide Order dated 09.10.2007 set aside both the O ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the two consignments, intended to be cleared to Nepal against Customs Transit Declaration(CTD) was ₹ 24,13,642/-. At the time of seizure department estimated the market value of Bearings to be ₹ 1,93,09,139/-. At the time of disposal of the said goods as per the direction of Hon ble Apex Court an amount of ₹ 1,01,05,990/- was realized and deposited with State Bank of India, Main Branch, Kolkata. Even if the sale proceeds of ₹ 1,01,05,990/- is taken to be the market value of the seized goods then also the margin of profit will be more than 300%. Accordingly Bench is of the considered view that redemption fine imposed by the Adjudicating authority is highly inadequate. In the interest of justice redemption fine is enha ..... X X X X Extracts X X X X X X X X Extracts X X X X
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