Per Jyoti Balasundaram :

In this case, the Customs duty demand of Rs. 80,65,374/- has been confirmed against M/s. Vishal Footwear for contravention of the provisions of Notification No. 339/85-Cus dated 21.11.85 as amended and Notification No. 133/94-Cus dated 22.6.95, Central Excise duty of Rs. 1,13,394/- has been confirmed in terms of Notification No. 5/86-CE dated 20.1.86, penalty of Rs. 5 lakhs has been imposed on M/s. Vishal Footwear under Section 112 of the Customs Act, 1962, penalty of Rs. 20,000/- under Rule 173Q of the Central Excise Rules, 1944 has been imposed; further a penalty of Rs. 25,000/- has been imposed on the Managing Director of the company under the provisions of Customs Act and penalty of Rs. 5,000/- under the provisions of Central Excise Act. Imported goods valid at Rs. 2,18,98,263/- have been ordered to be confiscated under Section 111 (o) of the Customs Act, 1962 with option to redeem the same on payment of a fine of Rs. 12 lakhs.

2. The brief facts of the case are that M/s. Vishal Footwear which was a unit in the NOIDA Export Processing Zone, approved for manufacture and export of leather footwear, was allowed to import capital goods and raw materials