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TMI Blog2017 (11) TMI 1186X X X X Extracts X X X X X X X X Extracts X X X X ..... maintaining the proper records of the imported goods including sl. number, date etc. and not maintaining the record of intended use of the said goods, in that circumstances, the goods are liable for confiscation in terms of Section 111(o) of the Customs Act, 1962. Appeal allowed in part. - C/51269-51273/2017-DB - C/A/57049-57053/2017-CU[DB] - Dated:- 5-10-2017 - Mr. Ashok Jindal, Member (Judicial) And Mr. B. Ravichandran, Member (Technical) Shri Ravin Rao, Advocate, Shri Shashank Bansal, Advocate Shri Ankit Goel, Advocate - for the appellant Shri R.K. Manjhi, A.R. - for the respondent ORDER Per: Ashok Jindal The appellants are in appeal against the impugned order wherein the goods intercepted has bee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ppellant is not following the procedure laid down under the said rules and Notification No.12/2012 for import of the said gold at concessional rate of duty. The matter was adjudicated, the demand of differential duty was confirmed on the imported goods and the goods were held liable for confiscation which were allowed to redeem on payment of redemption fine of ₹ 1 crore and penalties on all the appellants were imposed. Aggrieved from the said order, the appellants are before us. 3. The ld. Counsel appearing on behalf of the appellant submits that the appellant has imported two consignments and the said goods contained in these consignments have been converted into 99.5% purity and transferred to their head office. It inadvertently ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... from Gold Dore Bars imported by wrongly availing concessional rate of duty under the said Notification and cleared without maintenance of proper records under the IGCRD Rules. The fact regarding non maintenance of proper accounts was also admitted by Shri Kshitij Mathur, the authorised signatory/legal advisor of M/s Vector Ingot in his statement recorded under Section 108 of the Act on 17.12.15. The party was given opportunities to provide documents/records maintained by them but no documents/records were submitted by them in support of their contention. 7. On going through the said findings of the adjudicating authority, wherein it has been held by the adjudicating authority that the goods seized are manufactured out of the goods ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orking on the instructions of the Directors of the company, therefore, penalty on shri Kshitiz Mathur is dropped. 11. With these observations, the following order is passed: (a) Demand of duty along with interest are set aside. (b) Goods are held liable for confiscation and can be redeemed on payment of redemption fine of ₹ 25 lakhs. (c) Penalty on M/s Vector Ingot Pvt. Ltd. is reduced to ₹ 10 lakhs. (d) Penalty on Shri Pranay Goel, Managing Director is reduced to ₹ 5 lakhs. (e) Penalties on Shri N.K Goel and Shri Abhishek Goel, Directors are reduced to ₹ 1 lakh each. 12. With these terms, the appeals are disposed of. (Dictated pronounced in open Court) - - TaxTMI - TMIT ..... X X X X Extracts X X X X X X X X Extracts X X X X
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