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2015 (5) TMI 962 - AT - CustomsConfiscation of goods - Enhancement of value - Penalty u/s 112 - Held that:- One of the persons whose opinion was sought gave the value which was even lower than the value declared by the appellant. The transaction value was sought to be rejected as per the Show Cause Notice essentially because the goods were alleged to be mis-declared in description thereof. Once the goods were held to have been correctly described by the appellant, the very basis of rejecting the transaction value disappeared, even more so in the wake of the Commissioner ordering mutation of the goods. In the circumstances, we do not find any basis for rejecting the transaction value and also for arriving at the revised value as per the requirement of the said Rules. Indeed in the impugned order there is not even a whisper as to how and on what basis the transaction value was rejected even after accepting the appellants description of goods as correct. It is a settled law that resort to the said Rules for revising the value of the imported goods can be had only after the assessing officer rejects the transaction value in terms of Rule 12 of the said Rules on account of having reasonable doubt about the truth or accuracy of the declared value. The impugned order does not disclose any basis for any such reasonable doubt after having accepted the description of the goods to be correct. Thus, we do not find the upward revision of value sustainable and as a consequence there remains no ground to order confiscation of the impugned goods under Section 111(m) ibid leading to redemption fine and penalty. - Decided in favour of assessee.
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