TaxTMI 
TaxTMI 
2006 (3) TMI 407
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....der per : P.G. Chacko, Member (J)]. - The lower authorities confiscated five weaving looms [second hand machinery] with option for redemption. They also imposed a penalty of Rs. 2.00/- lakhs on the importer [M/s. Shri Raam Tex] and a personal penalty of Rs. 1.00/- lakh on Shri C. Easwaran [one of the partners of the firm]. The present applications seek waiver of pre-deposit and stay of recovery ....
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.... for import on account of such goods figuring in the negative list. Hence the order of confiscation and penalty. 3. It appears from the submissions of learned consultant as well as from the records before us that the cast iron body of the looms was bearing engravings of the year '1994'. However, it appears, this evidence was not successfully put up before the lower authorities. Those authori....
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....ount of penalty. 5. After giving careful consideration to the submissions, we are of the view that the appellants have not made out prima facie case against imposition of penalties on them, though they seem to have placed on record a reasonable challenge as regards the quanta of penalties. In holding this view, we have taken into account the confessional statement of Shri C. Easwaran, which ....