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5. We find that the tribunal in the case of Akshay Khetterpal vs. ACIT decided in ITA No. 129/Del/2019 vide order dated 31.5.2019 has held as under:-

"5 Heard the parties and perused the material available on record. In the instant case the Assessee during the year under consideration imported old and digital multifunction printers and copying machines classified as electronic and electronic assembled machines for direct use and not for recalling or final disposal as Page | 8 claimed by the Assessee. The goods of the Assessee wereconfiscated for violation of provisions of customs Act, 1962 by the Joint Commissioner of Customs, Group-V, NahavaSheva I, TalukaUran, District Raigarh, Maharashtra 400707, vide various orders, including order dated 14.03.2015(we are quoting for reference only) andconsequently the Assessee was given an option to redeem the goods on payment of fine of Rs. 2,15,000/-. Further, the Joint Commissioner of Customs also imposed penalty of Rs. 68,000/-. For ready reference the relevant part of the order is reproduced herein below:-

13.2 The Hon'ble Apex Court further held wherever impost is found to be composite nature i.e. partly compensatory nature and partly of penal in nature, the authorities are obligated to bifurcate the two components of the impost and give deduction to that component which is compensatory in nature and refuse to give deduction to that component which is penal in nature.

14 Coming to the instant case, the goods i.e. 'used digital multifunction printer and copying machines' were imported by the Assessee without 11 | P a g e getting license from the DGFT and therefore, the same wereconfiscated by the Custom Authorities{we are referring only one order in original passed by the Ld. Joint Commissioner of Custom, Group-V, Nhava, Sheva-I, Maharashtra u/s 111(d) of the Custom Act, 1962} and consequently,determined the value of the goods imported at Rs. 13,48,479/- and gave an option to the Assessee to redeem the goods on payment of fine of Rs. 2,15,000/- u/s 125(1) of the Custom Act, 1962 on the condition that option to redeem the goods shall be exercised within 15 days on receipt of the order and on payment of appropriate duty as other dues as applicable.