2014 (8) TMI 12

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....mar The Revenue is before this Court against the order passed by the Tribunal holding that no redemption fine is imposable when the bond and the bank guarantee executed by the assessee has already been cancelled. The assessee - importer admitted that there was an under-valuation to the extent of 60% to 62% and that he has used invoices of his brother firm to underinvoice the goods. He admitted ....

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....uing notice to the assessee and after considering his objections and taking note of the various judgments on which reliance is placed, the Authority held, as admittedly there was a violation of the provisions of the Act, the goods imported are liable to be confiscated as the goods were released on the assessee executing a bond as well as executing a bank guarantee. Therefore, imposed the redemptio....

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.... 2000 (115) E.L.T.278 (S.C.) has held as under:     "It is contended by the learned Counsel for the appellant that redemption fine could not be imposed because the goods were no longer in the custody of the respondent-authority. It is an admitted fact that the goods were released to the appellant on an application made by it and on the appellant executing a bond. Under these circ....

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.... confiscated goods, the law provides for payment of fine in lieu of confiscation which is popularly known as redemption fine. Therefore, whether the bond executed by the assessee is in force; whether the bank guarantee executed for due compliance of the bond is in force or not; whether goods are in possession of the authority or not; whether the goods in existence or not on the day when order was ....