CESTAT grants relief to Citizen Credit Co-Op Bank: Cenvat Credit Allowed on DICGC Insurance Premium as Input Service in banking operations

CESTAT Clarifies Redemption Fine Applicable for Re-Exporting Offending Goods: Reduces Fee from ₹3 Crore to ₹5 Lakh Citing Excessive CESTAT clarified the applicable redemption fine for re-exporting offending goods, reducing the penalty from ₹3 crore to ₹5 lakh. The case involved a dispute over goods that had been seized and were subject to re-export, with the Customs authorities imposing a substantial fine. The Tribunal found the original fine excessive and scaled it down, emphasizing that penalties must be proportionate to the nature and value of the offense. This ruling provides clarity on the appropriate level of fines for goods in re-export and reinforces the principle of proportionality in customs penalties.