https://www.taxtmi.com/caselaws?id=52938 The Tribunal reduced the penalty imposed on the Company Appellant No. 1 for disposing of imported machines without permission from Rs. 5 lakhs to Rs. 30,000. The confiscation, redemption fine, and penalty on machines not put to actual use were set aside due to the absence of a time-limit for usage under the Exim Policy. The penalty on the Director of the Company, Appellant No. 2, was reduced from Rs. 4 lakhs to Rs. 30,000, with penalties to be adjusted from the pre-deposit amount and the balance refunded within two months. The appeals were disposed of with consequential relief. en-us Wed, 02 Jun 2004 00:00:00 +0530 Fri, 08 Oct 2010 16:07:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=52938 The Tribunal reduced the penalty imposed on the Company Appellant No. 1 for disposing of imported machines without permission from Rs. 5 lakhs to Rs. 30,000. The confiscation, redemption fine, and penalty on machines not put to actual use were set aside due to the absence of a time-limit for usage under the Exim Policy. The penalty on the Director of the Company, Appellant No. 2, was reduced from Rs. 4 lakhs to Rs. 30,000, with penalties to be adjusted from the pre-deposit amount and the balance refunded within two months. The appeals were disposed of with consequential relief. Case-Laws Customs Wed, 02 Jun 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=52938