2014 (1) TMI 1461

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....ne imposed under Section 125 of the Customs Act in respect of 100 gold bars of foreign origin seized by the police and then handed over to the officers of Customs and Central Excise, Coimbatore is under dispute. The matter is in second round of litigation. The first round, the matter came uto the Tribunal and the Tribunal upheld the order of the adjudicating authority that the gold bars were smugg....

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....d by the quantum of redemption fine and penalty and has filed this appeal before the Tribunal. 3. The appellant submits that the seizure value of 100 nos. of 10 Tolas gold bars totally weighting 11,660 gms. was Rs.51,95,696/- only at the time of seizure. Therefore, the redemption fine imposed in the adjudication order is nearly 40% of the seizure value which is very high because no such margin of....

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....ELT 485],      e) Mohith Thakore and others [1994 (72) ELT 865]      f) Kamalesh Kumar [1993 (67) ELT 1000]      g) Suresh Kumar Raisoni [2004 (175) ELT 540] and        h) Gofi Bhai Vaghjibhai Desi [2004 (178) ELT 1021] 4. In a similar case, where the Tribunal remanded the case relating to seizure of 45 ....

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....sed is very nominal and does not warrant any reduction. 4. I have considered submissions on both sides. Considering the liberal policy of import of gold prevailing at the time of seizure, it is difficult to agree that the appellant would have made a profit of 40% of the value of seized gold if it did not get seized and then confiscated. The redemption fine that was generally being imposed for sei....