2003 (12) TMI 90

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... d of loading values as follows :- Appeal No. Value determined Amount of Redemption fine Penalty C/520/98-Mum Rs. 11,33,378/- Rs. 12,00,000/- Rs. 1,00,000/- C/529/98-Mum Rs. 8,89,049/- Rs. 9,00,000/- Rs. 1,00,000/- C/530/98-Mum Rs. 9,73,606/- under B/E No. 307, Rs. 9,52,925/- under B/E No. 308, Rs. 8,78,516/- under B/E No. 309 Rs. 9,10,000/- under B/E No. 307, Rs. 8,00,000/- under B/E No. 308, Rs. 7,50,000/- under B/E No. 309 Rs. 1,00,000/- under B/E No. 307, Rs. 80,000/- under B/E No. 308, Rs. 70,000/- under B/E No. 309. C/763/99-Mum Total value to Rs. 10,31,232/- Rs. 4,89,000/- under B/E No. 381/28-4-1999, Rs. 5,42,000 .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... Profit, the Custom Appraising Manual Vol. II, Second Edt. published in 1990 prescribes in Chapter 5, para 5 as - "5. MARGIN OF PROFITS : (a) Market enquiries — In terms of Section 125 of the C.A. 62 the adjudication officer may impose a redemption fine on the offending goods not exceeding the market price of the goods confiscated less the duty chargeable thereon. It is therefore, understood that while fixing fine in lieu of confiscation the adjudication officer are guided by the margin of profit on the goods indicated by the assessing officer. It is therefore, necessary that the assessing officer should ascertain the market value of the offending goods and keep a record thereof in the file for assistance of the adjudicating officer and .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... Unfinished forms, casting and forging of non-interchange-able parts specified under (i) above, and (b) Specified alloys for the manufacture of non-interchange-able parts specified under (i) above. (iii) Specialized raw materials and intermediates for use in mining and in the manufacture of metals and alloys, leather, rubber, mineral oils, drugs and medicines, insecticides, pesticides, etc. Board has also clarified that the fine should be equal to the normal or the margin of profit whichever is higher. It is true that in some cases the norm will be more than the margin of profit, but if a person has contravened any ITC restriction and there are not extenuating circumstances, there is no reason why only the margin of profi .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X