Misdeclaration of imported broadcasting gear: liability upheld, directors cleared of personal penalties, company penalty cut to Rs 50 lakh

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....HC considered a challenge to the Settlement Commission's order on misdeclaration of imported broadcasting equipment as "demo" goods routed through a Free Trade & Warehousing Zone. HC held the misdeclaration intentional and upheld the Commission's jurisdiction and finding of liability, including the substantial customs duty of about Rs. 9.73 crore already paid. However, HC found that the benefit of misdeclaration was for the importing company, not its directors individually. Accordingly, HC quashed the personal penalties on the directors and reduced the company's penalty to Rs. 50 lakh, adjusting Rs. 25 lakh already paid, directing deposit of the balance within three months, and quashing all remaining penalties.....