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2010 (10) TMI 231 - AT - CustomsConfiscation - Undervaluation - Penalty - the Valuation Rules in force at the time of import - the inspection report furnished by the Chartered Engineer, M/s. SGS India Pvt. Ltd., was given to the appellants before they agreed to accept the value appraised by M/s. SGS and communicated the same to the Department under their letter dated 6-6-2003 - In the present case, we find that the declared value was very low compared to the appraised value determined as per the inspection report of the Chartered Engineer based on various factors including comparison with value of similar machines inspected in the past and sales prices obtained from the internet etc., which was not challenged by the appellants at the time of appraisement despite having full opportunity to do so, but was actually accepted Regarding fine and penalty - Lower appellate authority has already reduced the redemption fine to the level of about 25% of the appraised value and the penalty to the level of less than 10% of the same while upholding the order of confiscation and imposition of penalty on account of unauthorized import without valid import licence - Appeal is dismissed
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