https://www.taxtmi.com/caselaws?id=119973 The Tribunal, following a remand order from the Bombay High Court, reduced the redemption fine to 10% and the penalty to 5% of the CIF value of the goods imported by M/s. La Grande Projects Limited. The Tribunal considered the importer's incurred loss, the bona fide belief in SIA approval, and the necessity to tailor penalties to the case's specifics. The importer's appeal was partially allowed, while the Revenue's appeal for increased fines and penalties was dismissed. The decision highlighted the importance of assessing penalties based on individual circumstances and the actual financial impact on the importer. en-us Mon, 04 Sep 2006 00:00:00 +0530 Sat, 14 Jul 2012 13:45:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=119973 The Tribunal, following a remand order from the Bombay High Court, reduced the redemption fine to 10% and the penalty to 5% of the CIF value of the goods imported by M/s. La Grande Projects Limited. The Tribunal considered the importer's incurred loss, the bona fide belief in SIA approval, and the necessity to tailor penalties to the case's specifics. The importer's appeal was partially allowed, while the Revenue's appeal for increased fines and penalties was dismissed. The decision highlighted the importance of assessing penalties based on individual circumstances and the actual financial impact on the importer. Case-Laws Customs Mon, 04 Sep 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=119973