https://www.taxtmi.com/caselaws?id=272377 The Tribunal upheld the valuation of goods at Rs. 2,42,742, confiscation under Sections 113(d) and 113(i) of the Customs Act, and imposed redemption fine. Penalties on individuals were reduced significantly, with penalties on Shri Rakesh Naik and Shri Anil Arya reduced from Rs. 14 lakhs to Rs. 2,42,742 each, Shri P.K. Sharma's penalty reduced from Rs. 5 lakhs to Rs. 50,000, and penalties on officials reduced to Rs. 10,000 each. The penalty on M/s. Shubham Impex was set aside, and the penalty on Shri Sanjay Agarwal, the CHA, was also set aside due to lack of evidence of his involvement. en-us Wed, 16 Jan 2013 00:00:00 +0530 Tue, 01 May 2018 11:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=272377 The Tribunal upheld the valuation of goods at Rs. 2,42,742, confiscation under Sections 113(d) and 113(i) of the Customs Act, and imposed redemption fine. Penalties on individuals were reduced significantly, with penalties on Shri Rakesh Naik and Shri Anil Arya reduced from Rs. 14 lakhs to Rs. 2,42,742 each, Shri P.K. Sharma's penalty reduced from Rs. 5 lakhs to Rs. 50,000, and penalties on officials reduced to Rs. 10,000 each. The penalty on M/s. Shubham Impex was set aside, and the penalty on Shri Sanjay Agarwal, the CHA, was also set aside due to lack of evidence of his involvement. Case-Laws Customs Wed, 16 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=272377