2017 (3) TMI 830

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..... l the adjudicating authority has stated that market enquiry was conducted. No further discussions are seen made in this respect. The margin of profit is taken as 37.8 to impose the Redemption Fine and penalties. In view thereof, the Redemption Fine and penalty imposed are highly excessive. Reducing the Redemption Fine to ₹ 13 lakhs and the penalty to ₹ 6 lakhs would meet the ends of ju .....

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..... 2009-2014, the adjudicating authority imposed Redemption Fine of ₹ 20 lakhs and imposed penalty of ₹ 10 lakhs. The appellant filed appeal before the Commissioner (Appeals) and vide order impugned herein, the Commissioner (Appeals) reduced the Redemption Fine from ₹ 20 lakhs to ₹ 18,50,000/- and rediced penalty from ₹ 10 lakhs to ₹ 8,50,000/-. Being aggrieved by .....

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..... submitted that the adjudicating authority had conducted proper market enquiry and ascertained the profit margin to be 37.8%. That in various case laws it has been held that penalty and redemption fine can be imposed at the rate of 30% basing on the facts of the case. 5. I have heard the submissions made by both sides. The declared value by the appellant was ₹ 35,50,593/- and the same was .....

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