Interactive flat panels meeting automatic data processing conditions are distinguished from monitors, while later classification clarifications apply ...
Statutory transfer formalities invalidated alleged share and property transfers, while retrospective record manipulation constituted oppression and mi...
Provisional attachment of laundered funds and equivalent-value property sustained, with statutory protection limited to pension, gratuity and providen...
Insolvency moratorium does not shield company officers from cheque dishonour prosecution for liability arising before corporate insolvency proceedings...
The CESTAT allowed the appeal against the imposition of redemption fine u/s 125 of the Customs Act, 1962. The Tribunal held that when the exported goods are unavailable, confiscation cannot be ordered, and consequently, no redemption fine can be imposed. The redemption fine is conditional upon the assessee seeking redemption of the confiscated goods by paying the fine. Since the exported rice was unavailable, there was no question of redemption, rendering the redemption fine imposition incorrect and illegal. The matter was remanded to the adjudicating authority for reconsideration.
The CESTAT allowed the appeal against the imposition of redemption fine u/s 125 of the Customs Act, 1962. The Tribunal held that when the exported goods are unavailable, confiscation cannot be ordered, and consequently, no redemption fine can be imposed. The redemption fine is conditional upon the assessee seeking redemption of the confiscated goods by paying the fine. Since the exported rice was unavailable, there was no question of redemption, rendering the redemption fine imposition incorrect and illegal. The matter was remanded to the adjudicating authority for reconsideration.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4796
Join Channel
TaxTMI 
