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CESTAT partially allowed the appeal, modifying the impugned order by setting aside penalties under Sections 112(ii) and 114AA of the Customs Act, 1962. The tribunal upheld the penalty under Section 114A, recognizing the appellant's admission of mistakenly claiming duty exemption for imported rubber tracks. The redemption fine was reduced from the original amount to Rs. 5 lakhs. The penalty imposed on the individual manager was also set aside due to lack of evidence of direct involvement. The decision reflects a balanced approach, acknowledging the appellant's bona fide interpretation while imposing a reduced financial penalty.
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