Appeal dismissed; merger validity not reopened, leasehold rights transferred to corporate debtor formed liquidation estate; section 36(4)(a)(iv) inapp...
CESTAT allowed the appeal and set aside seizure, confiscation under s.111(d) of the Customs Act and the imposition of redemption fine and related penalty, holding that the importer acted with bona fide belief in declaring transaction value, responded to EDI queries and paid duties demanded under the DGFT notification while challenges to that notification were pending. The Tribunal found the matter to be one of reassessment of the bill of entry where no malafide or evasion was established and the adjudicating authority failed to record sufficient reasons for confiscation and redemption fine. Consequential orders imposing forfeiture and fines are quashed.
CESTAT allowed the appeal and set aside seizure, confiscation under s.111(d) of the Customs Act and the imposition of redemption fine and related penalty, holding that the importer acted with bona fide belief in declaring transaction value, responded to EDI queries and paid duties demanded under the DGFT notification while challenges to that notification were pending. The Tribunal found the matter to be one of reassessment of the bill of entry where no malafide or evasion was established and the adjudicating authority failed to record sufficient reasons for confiscation and redemption fine. Consequential orders imposing forfeiture and fines are quashed.
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