2007 (10) TMI 73

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....ble slabs are restricted if the CIF value is less than US $ 2700 per cubic meter, which works out US $ 5 for 2 cm thickness marble slabs. The declared CIF value for the present consignment worked out to US $ 43 per sq.mt. for 2 cm thickness marble slabs. As the declared CIF value was less than the minimum CIF value required for the goods to be freely importable under the Foreign Trade Policy, goods appeared to be liable for confiscation under Section 111(d) of the Customs Act, 1962, and the respondents liable for penalty under Section 112 ibid. (c) The respondents, vide written submissions, during the personal hearing before the Commissioner submitted that their contract for the subject goods as well as the date of issue of EPCG licence ....

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....ommissioner, therefore, ordered confiscation of the goods imported vide Bill of Entry No. 910511 dated 25-9-2006 valued at Rs. 24 lakhs under Section 111(d) of the Customs Act, 1962 but permitted to be redeemed on payment of fine of Rs. 2,50,000/- under Section 125 of the Act. 2. Heard both the sides and perused the records. 3. I find that the Commissioner had confiscated the impugned goods under Section 111(d) Customs Act, 1962, and allowed redemption on payment of fine of Rs. 2,50,000/- under Section 125 of the Act, but refrained from imposing any penalty under Section 112 stating he did not see any element of mens rea which it was observed, was an important ingredient for imposition of penalty. 4. Section 112(a) of the Act state....