2018 (3) TMI 874

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....espondent Per:Raju: This appeal has been filed by the M/s Bhikshu Margam against imposition of excessive redemption fine and penalty. 2. None appeared for the respondent.It is seen from the appeal memorandum that pointed out that they have imported Rough Marble Blocks at declared value ranging from US $ 329.00 PMT CIF to US $ 332 PMT CIF.The said assessable value was enhanced to US $ 335 ....

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....edemption fine imposed works out to approximately 35% of the revised CIF value.The appellant have relied on the decision of Hon'ble High Court of Bombay in the case of Marmo Classic (supra).In the said case the Hon'ble High Court of Bombay had approved the decision of Tribunal which reduced the redemption fine to 20% of CIF value and penalty to 5% of CIF after considering the margin profit....