https://www.taxtmi.com/caselaws?id=325517 Breach of bonded import conditions and failure to maintain proper stock records justified duty recovery on unaccounted platinum, because the shortage was unexplained, the accounts did not tally with physical stock, and permissible process loss was exceeded. Penalty under Section 114A was not sustainable since the record did not show collusion, wilful misstatement, or suppression of facts; mere non-reporting of shortage was insufficient to meet the statutory threshold. The reasoning on confiscation and redemption fine was treated as applicable in principle where the import conditions were breached, even though the goods were not physically available. en-us Mon, 08 Feb 2016 00:00:00 +0530 Wed, 02 Nov 2016 12:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=325517 Breach of bonded import conditions and failure to maintain proper stock records justified duty recovery on unaccounted platinum, because the shortage was unexplained, the accounts did not tally with physical stock, and permissible process loss was exceeded. Penalty under Section 114A was not sustainable since the record did not show collusion, wilful misstatement, or suppression of facts; mere non-reporting of shortage was insufficient to meet the statutory threshold. The reasoning on confiscation and redemption fine was treated as applicable in principle where the import conditions were breached, even though the goods were not physically available. Case-Laws Customs Mon, 08 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=325517