2001 (2) TMI 163

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....nts had imported various items, separately declared in the subject BE, however, on examination of the items mentioned in the invoice, it appeared to the Customs Authorities that the following items, out of the items under import were individually covered by the entries in the ITC (HS) Classification of Export and Import as published in the Export/Import Policy 1992-97 as amended and published on 2....

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....f the Customs Act, 1962. 2. The appellants have taken the plea - (a) The import was not of individual item but of 'The Article Sound System' and only individual components of this system were separately classified. (b) Import of such 'Professional Grade Audio/Video Studio Equipment could be made without a licence as per ITC Circular No. 10/92-97, dated 5-8-1992. (c) The Hon'ble Ministe....

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....d system' but are separately claimed for assessment as individual item. The policy for the individual item, as evident from ITC (HS) classification, would be applicable, as rightly held and found by the Collector. (b) We find that the Collector has imposed a redemption fine of Rs. 6 lakhs on goods valued at Rs. 12,31,648/- without determination any margin of profit and considering that a major ....

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.... 4 lakhs to be adequate, considering the rate of duty and the amounts paid. (c) As regards penalty, even though the ITC (HS) Policy was introduced much earlier to the present imports, we can arrive at a finding that due to the PN issued under the earlier policy, the importers could be under a reasonable belief, more so due to the Press Statement of the Hon'ble Minister, that the items in questi....