No Custom Penalty for goods cleared by officers after signing Bond

Bharat Tissues Pvt. Ltd. Vs C.C. (CESTAT Bangalore) No Custom Penalty levied, if goods were permitted to be cleared by the officers after signing Bond The issue under consideration is whether the penalty under Customs Act will be applicable in case where bond is submitted for any violation of EOU related rules? CESTAT states that, there is merit in the argument of the appellants to the extent that the Revenue is free to demand and collect duty along with interest, in terms of the Bonds submitted by the appellants at the time of import in terms of Notification No. 52/03. They find that the Bond...