2004 (9) TMI 169

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....Heard both sides and after considering the issue, it is found - (a) The appellants has imported consignment of second/defective CR sheets @ DEM 485 PMT (C&F) and filed a B/E dated 4-12-99 for clearance as a freely importable item under Exim Policy 1997-2002. (b)  On scrutiny, it was found that the goods imported @ EURO 247.97 PMT and by applying the rate of exchange prevailing on the da....

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....ve no option but to hold that the CIF value of the goods, in US Dollar terms, was below the prescribed floor price. Technically, therefore, the imports of the goods becomes unauthorised, in the absence of a specific import licence, which is necessary as per the policy and thereby rendering the goods liable to confiscation under Section 111(d) of the Customs Act, 1962." After these finding that ....

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....case only due to exchange fluctuation when he has accepted the bona fides of the importer in this case especially when it was found that when contract was entered the floor price criteria in USD Currency was met. 2. The appellant has submitted that they have to incur Rs. 76,470/- due to these proceedings. This is also considered by us to set aside the redemption fine at Rs. 95,000/- in this cas....