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2011 (3) TMI 91 - AT - CustomsDemand - Penalty u/s 114A - Valuation of goods - The Revenue also submitted that the investigation was got conducted by the Hong Kong Authorities and the Deputy Head of Trade Licensing Investigation Bureau vide letter dated 21.04.99 informing Consulate General of India - In the present case as the Customs Authorities made detailed investigation with the Customs Authorities of Hong Kong and Russia and obtained invoices and export declarations to show that the actual price of the goods imported by the appellants and the declarations were procured through official channels Regarding penalty of Rs.5 lakhs will meet ends of justice on Shri M.L.Gupta, Managing Director - Therefore, the penalty in respect of Managing Director is reduced to Rs.5 lakhs otherwise the appeals are dismissed
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