https://www.taxtmi.com/caselaws?id=292160 The appeal filed by Revenue against the reduction of fine and penalty by the Commissioner (Appeals) was dismissed by the Appellate Tribunal CESTAT KOLKATA. The Tribunal upheld the decision to reduce the penalty to 5% of the CIF assessed value under Section 112(a) of the Customs Act, 1962. The Tribunal confirmed the enhanced assessed value but set aside the confiscation under Section 111(m) of the Act, while upholding the confiscation under Section 111(d). The Tribunal emphasized that penalties should be reasonable and just, considering the circumstances of the case and the importer's role. en-us Fri, 07 Dec 2018 00:00:00 +0530 Tue, 08 Dec 2020 19:07:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292160 The appeal filed by Revenue against the reduction of fine and penalty by the Commissioner (Appeals) was dismissed by the Appellate Tribunal CESTAT KOLKATA. The Tribunal upheld the decision to reduce the penalty to 5% of the CIF assessed value under Section 112(a) of the Customs Act, 1962. The Tribunal confirmed the enhanced assessed value but set aside the confiscation under Section 111(m) of the Act, while upholding the confiscation under Section 111(d). The Tribunal emphasized that penalties should be reasonable and just, considering the circumstances of the case and the importer's role. Case-Laws Customs Fri, 07 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292160