2015 (5) TMI 698

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.... and found that finished goods valued at Rs. 64,11,190/- were lying there for removal clandestinely and semi finished goods valued at Rs. 15,67,196/- were also found. The Indian currency of Rs. 4,80,000/- was also recovered from the bag of Shri Rahul Goyal, one of the Director. Thereafter panchnama was drawn on the spot, wherein finished goods and semi finished goods were recorded but currency found during the course of investigation was not seized nor entered in the panchnama. Later on 20.8.2010, the currency found at the time of search was also seized thereof. Proceedings were initiated against the appellant and co-appellants for confiscation of the goods found during the search and for confiscation of currency seized and for imposition o....

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....hed goods as well as semi-finished goods and goods found at their Karol Bagh office was also-upheld and he also imposed penalty of Rs. 75,000/-on their Karol Bagh office. The option was given to them to release the confiscated Indian currency on payment of redemption fine of Rs. 1,58,000/- and rest of the adjudication order was confirmed. 5. Aggrieved from the said order appellants are before me. 6. Learned Counsel for the appellant submits that in this case penalty under section 11AC is not imposable as there is no duty demand against the appellant. He further submits that redemption fine imposed on the finished goods is highly excessive. Further, he submits that penalties are imposed on all the appellants are also highly excessive under....