JUDGMENT

ARIJIT PASAYAT, J.

These appeals by the Revenue are directed against the common judgment passed by the Customs Excise and Gold (Control) Appellate Tribunal, West Regional Bench, Mumbai (in short the `CEGAT). By the impugned judgment the CEGAT set aside the imposition of duty, redemption fine, interest and penalty levied under the Customs Act, 1967 (in short the `Act) levied/imposed on Respondent No. 1 M/s Essar Oil Limited (hereinafter referred to as the `assessee), its officers (Respondents Nos. 2 to 4) and officials of the Customs Department Respondent Nos. 5 to 7).

2. Backgrounds facts as projected by the appellant are as follows:

Sometime during 1997 respondent No. 1 imported plants and machineries worth Rupees 600 crores for its refinery project. These imported goods were stored in private bonded warehouses, one of which is closed. The licences for the warehouses were valid upto 24.11.1999. General bond of Rs. 120 crores was executed by respondent No. 1 under Section 59(2) of the Act to secure payment of customs duty. Between 18 and 23.2.1999 respondent No. 1 submitted 84 ex-bonds bills of entry which were assessed to customs duty at the prevalent rate and corresponding T