https://www.taxtmi.com/caselaws?id=372917 The Tribunal partly allowed the appeal by Venus Petrochemicals (Bombay) Pvt. Ltd., reducing the penalty and redemption fines to Rs. 20 lakhs each. The classification of the imported goods under heading 2710 12 90 was upheld, along with the applicability of ITC restrictions and the imposition of fines and penalties under the relevant sections of the Customs Act. The Tribunal found the penalties excessive due to no involvement of a differential duty and the violation being related to policy compliance. en-us Wed, 02 Jan 2019 00:00:00 +0530 Thu, 20 Jun 2019 14:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=372917 The Tribunal partly allowed the appeal by Venus Petrochemicals (Bombay) Pvt. Ltd., reducing the penalty and redemption fines to Rs. 20 lakhs each. The classification of the imported goods under heading 2710 12 90 was upheld, along with the applicability of ITC restrictions and the imposition of fines and penalties under the relevant sections of the Customs Act. The Tribunal found the penalties excessive due to no involvement of a differential duty and the violation being related to policy compliance. Case-Laws Customs Wed, 02 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=372917