CESTAT rules against redemption fine due to currency fluctuations in customs case.

The High Court of Judicature at Bombay dismissed the appeal as no substantial question of law was found. The Customs Excise and Service Tax Appellate Tribunal (CESTAT) set aside a fine imposed on the Respondents due to currency value fluctuations between US $ and EURO $. The CESTAT ruled that no redemption fine should be levied in such cases. The goods imported were freely allowed without a license.

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The High Court of Judicature at Bombay dismissed the appeal as no substantial question of law was found. The Customs Excise and Service Tax Appellate Tribunal (CESTAT) set aside a fine imposed on the Respondents due to currency value fluctuations between US $ and EURO $. The CESTAT ruled that no redemption fine should be levied in such cases. The goods imported were freely allowed without a license.

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