https://www.taxtmi.com/caselaws?id=115147 The Tribunal ordered the re-fixation of the redemption fine based on market prices and legal considerations. The Commissioner reduced the fine from Rs. 10 Lakhs to Rs. 7.25 Lakhs, but the appellant argued it was excessive, citing a comparison with domestic prices. The appellant claimed ignorance of the Floor Price Notification issued just before LC renewal. The Commissioner's imposition of the fine was supported, noting the import price did not exceed the market price minus customs duty. The redemption fine was reduced to Rs. 50,000 under Section 125 of the Customs Act due to the appellant's regular imports and profit margin. en-us Thu, 07 Oct 2004 00:00:00 +0530 Thu, 24 May 2012 12:41:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=115147 The Tribunal ordered the re-fixation of the redemption fine based on market prices and legal considerations. The Commissioner reduced the fine from Rs. 10 Lakhs to Rs. 7.25 Lakhs, but the appellant argued it was excessive, citing a comparison with domestic prices. The appellant claimed ignorance of the Floor Price Notification issued just before LC renewal. The Commissioner's imposition of the fine was supported, noting the import price did not exceed the market price minus customs duty. The redemption fine was reduced to Rs. 50,000 under Section 125 of the Customs Act due to the appellant's regular imports and profit margin. Case-Laws Customs Thu, 07 Oct 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=115147