https://www.taxtmi.com/caselaws?id=207254 SC held that determination of redemption fine must be based on market price ascertained in accordance with the Act; in the absence of market enquiry, the Commissioner cannot legally fix quantum of fine. In the appeals where even the Department could not now determine market price, SC declined to interfere with the Tribunal's orders. However, in the present set of appeals, SC found the Tribunal's reduction of redemption fine and penalty to fixed percentages (20% and 5%) arbitrary and unsupported by reasons, rejecting any universal rule of such reduction. Orders of the Tribunal were set aside and matters remanded, in favour of revenue. en-us Thu, 04 Aug 2011 00:00:00 +0530 Tue, 02 Dec 2025 13:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=207254 SC held that determination of redemption fine must be based on market price ascertained in accordance with the Act; in the absence of market enquiry, the Commissioner cannot legally fix quantum of fine. In the appeals where even the Department could not now determine market price, SC declined to interfere with the Tribunal's orders. However, in the present set of appeals, SC found the Tribunal's reduction of redemption fine and penalty to fixed percentages (20% and 5%) arbitrary and unsupported by reasons, rejecting any universal rule of such reduction. Orders of the Tribunal were set aside and matters remanded, in favour of revenue. Case-Laws Customs Thu, 04 Aug 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=207254