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TMI Blog2019 (1) TMI 668X X X X Extracts X X X X X X X X Extracts X X X X ..... priately been confiscated by the original authority. Redemption fine - penalty - Held that:- The original authority has not considered the aspect of margin of profit expected to be earned in normal course of trade in respect of such imported consignment. Further, in respect of the same goods imported earlier by some other importer, viz., Guru Kripa Marbles, the Tribunal has reduced the quantum of redemption fine and penalty, holding that the same should be calculated based on the formula laid down by Section 125 of the Act - the prayer of the appellant can be considered to the limited extent of reduction of the quantum of fine and penalty imposed on it. The impugned order is modified, to the extent of reducing the quantum of redemptio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under Rule 5 of the Customs Valuation Rules, 2007. Further, there were also proposals for confiscation of goods and for imposition of penalty. The matter was adjudicated vide the impugned order dated 14.7.2011, wherein the value of the subject goods was redetermined at ₹ 69,90,427/- and the goods were confiscated under Section 111(d) and 111(m) of the Customs Act, 1962. Besides, the impugned order has also given the option to redeem the imported goods on payment of redemption fine of ₹ 24,50,000/-. The said order also imposed penalty of ₹ 7,00,000/- on the appellant under Section 112(a) of the Customs Act, 1962. 3. The learned Advocate appearing for the appellant submitted that the appellant is not contesting redetermi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he learned Advocate has also conceded that the appellant is not contesting the value determined by the department and also the fine and penalty imposed on the appellant. With regard to the quantum of redemption fine and penalty imposed on the appellant, we find that the original authority has not considered the aspect of margin of profit expected to be earned in normal course of trade in respect of such imported consignment. Further, we also find that in respect of the same goods imported earlier by some other importer, viz., Guru Kripa Marbles, the Tribunal has reduced the quantum of redemption fine and penalty, holding that the same should be calculated based on the formula laid down by Section 125 of the Act. In the above referred cases, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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