https://www.taxtmi.com/caselaws?id=260848 A conditional customs exemption cannot be breached without consequence, and a separate undertaking given to the SC not to dispose of the equipment without prior written notice to customs authority was also violated when the machinery was sold. The Tribunal reduced the penalty only because it considered the amount excessive, without recording any substantive justification. That reduction was held unjustified in view of the nature of the breach, including violation of the court undertaking. The penalty reduction was set aside and the penalty was directed to equal the duty payable on the depreciated value of the machinery, subject to a maximum of Rs. 20 lakhs. en-us Mon, 23 Mar 2015 00:00:00 +0530 Tue, 11 Aug 2015 15:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=260848 A conditional customs exemption cannot be breached without consequence, and a separate undertaking given to the SC not to dispose of the equipment without prior written notice to customs authority was also violated when the machinery was sold. The Tribunal reduced the penalty only because it considered the amount excessive, without recording any substantive justification. That reduction was held unjustified in view of the nature of the breach, including violation of the court undertaking. The penalty reduction was set aside and the penalty was directed to equal the duty payable on the depreciated value of the machinery, subject to a maximum of Rs. 20 lakhs. Case-Laws Customs Mon, 23 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=260848