https://www.taxtmi.com/caselaws?id=385629 The appeal filed by M/s.Leo Fasteners against the penalty and redemption fine imposed under Section 112(a) of the Customs Act, 1962 was dismissed by the Tribunal. The Tribunal upheld the penalty and fine based on the National Metallurgical Laboratory report confirming misdeclaration of imported goods by the Assessee. The misdeclaration resulted in a higher Boron content, classifying the goods as Alloy Steel instead of Non-Alloy Steel. The Tribunal deemed the redemption fine of 5,75,000 reasonable and proportionate, maintaining the penalty due to misdeclaration. The Assessee was advised to seek waiver from Departmental Authorities. The appeal was disposed of with liberty granted to seek waiver, and no costs were awarded. en-us Wed, 14 Aug 2019 00:00:00 +0530 Tue, 10 Sep 2019 08:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=385629 The appeal filed by M/s.Leo Fasteners against the penalty and redemption fine imposed under Section 112(a) of the Customs Act, 1962 was dismissed by the Tribunal. The Tribunal upheld the penalty and fine based on the National Metallurgical Laboratory report confirming misdeclaration of imported goods by the Assessee. The misdeclaration resulted in a higher Boron content, classifying the goods as Alloy Steel instead of Non-Alloy Steel. The Tribunal deemed the redemption fine of 5,75,000 reasonable and proportionate, maintaining the penalty due to misdeclaration. The Assessee was advised to seek waiver from Departmental Authorities. The appeal was disposed of with liberty granted to seek waiver, and no costs were awarded. Case-Laws Customs Wed, 14 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=385629