2004 (11) TMI 123

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....mported a Toyota Crown Car Model No. 1988 at assessed value of Rs. 15 lakhs vide Bill of Entry dated 9-2-91 and claimed exemption from duty under Notification No. 258/90-Cus., dated 23-10-90. The department was of the view that the benefit was not available and that the appellant had misdeclared the particulars of the car and therefore, the car was seized. Show cause notice was issued proposing co....

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....he appellant of redeeming the sale proceeds of Rs. 2 lakhs of his car which had been sold in auction, under Section 125 of the Customs Act, 1962 on payment of a fine of Rs. 2.20 lakhs. Hence this appeal. 2. We have heard both sides. The appellant's contention is that he is entitled to the value of the car as shown in the seizure memo which is Rs. 15 lakhs after deduction of the redemption fine am....