https://www.taxtmi.com/caselaws?id=116446 The Tribunal upheld the confiscation of second-hand machinery under the EPCG Scheme due to non-fulfillment of export obligations. The appellants were directed to pay a redemption fine of Rs. 25 lakhs, confirm a duty demand of Rs. 49,65,561, and a penalty of Rs. 2 lakhs. The duty demand was reduced by the encashed bank guarantee amount of Rs. 29 lakhs. The appellants were allowed to claim MODVAT credit towards duty demand if eligible. The machinery was classified as movable property subject to confiscation, and the redemption fine was reduced to Rs. 10 lakhs while the penalty of Rs. 2 lakhs was upheld. en-us Tue, 03 May 2005 00:00:00 +0530 Tue, 12 Jun 2012 16:14:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=116446 The Tribunal upheld the confiscation of second-hand machinery under the EPCG Scheme due to non-fulfillment of export obligations. The appellants were directed to pay a redemption fine of Rs. 25 lakhs, confirm a duty demand of Rs. 49,65,561, and a penalty of Rs. 2 lakhs. The duty demand was reduced by the encashed bank guarantee amount of Rs. 29 lakhs. The appellants were allowed to claim MODVAT credit towards duty demand if eligible. The machinery was classified as movable property subject to confiscation, and the redemption fine was reduced to Rs. 10 lakhs while the penalty of Rs. 2 lakhs was upheld. Case-Laws Customs Tue, 03 May 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=116446