2003 (6) TMI 296

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....t. [Order per : S.S. Sekhon, Member (T)]. - The appellants are manufacturers of Quartz Alarm Clocks in SSI Sector. The appellant placed an order favouring to M/s. Wellgain Precision Products Ltd., Hong kong by opening of L/C (Letter of Credit) bearing No. 023069614, dated 8-3-1996 that was further amended on 21-3-1996. (i)          In pursuance....

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....onal hearing was held, however the Dy. Commissioner did not agree with the submissions made by the appellant and observed that the goods imported are restricted item as per the current policy, goods are liable to confiscation. Accordingly, order confiscating the goods under Section 111(d) of the Customs Act, 1962 giving the appellants an option of redemption on payment of fine of Rs. 75,000/- and ....

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....ent of duty (i.e. 4-5-96) exceeds 45 days and therefore the appellants are hit by the policy change w.e.f. 25-3-96. However, he reduced the fine and penalty from Rs. 70,000/- and Rs. 7,000/- respectively. 3. When the present appeal was called, none appeared for the appellant. Heard the DR and considered the grounds in appeal and find - (a) The finding of Commissioner (Appeals) that....