Customs duty upheld; redemption fine and penalty reduced due to lack of market valuation and natural justice lapse

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Full Text of the Document

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....The CESTAT affirmed the demand for customs duty against the appellant but held that the redemption fine and monetary penalty were imposed without proper application of principles of natural justice and without market-based valuation. The Tribunal found the Chartered Engineer's valuation inadmissible in absence of market survey and reduced the punitive measures: redemption fine fixed at Rs.1,00,000 and penalty fixed at Rs.50,000. On that basis the appeal was partly allowed, with the duty demand confirmed and the redemption fine/penalty mitigated to the stated amounts.....