https://www.taxtmi.com/caselaws?id=382859 The court upheld the confiscation of excess TMT bars not accounted for in statutory records by the appellant. The goods were allowed to be redeemed on payment of a redemption fine of &8377; 6.50 lakhs and a penalty of &8377; 1 lakh. The tribunal, however, found the redemption fine excessive and reduced it to &8377; 4 lakh and the penalty to &8377; 75,000. The importance of maintaining proper records to avoid such confiscation and penalties in the future was emphasized. en-us Fri, 04 Jan 2019 00:00:00 +0530 Fri, 12 Jul 2019 07:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=382859 The court upheld the confiscation of excess TMT bars not accounted for in statutory records by the appellant. The goods were allowed to be redeemed on payment of a redemption fine of &8377; 6.50 lakhs and a penalty of &8377; 1 lakh. The tribunal, however, found the redemption fine excessive and reduced it to &8377; 4 lakh and the penalty to &8377; 75,000. The importance of maintaining proper records to avoid such confiscation and penalties in the future was emphasized. Case-Laws Central Excise Fri, 04 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=382859