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2012 (6) TMI 225 - HC - CustomsLevy of penalty u/s 114 of the Customs Act is in respect of export cargo for getting undue benefit under DEPB scheme - goods exported was garments - knitted T-shirts- declaring an average value at Rs.175 per piece. However, on enquiry customs found that the average market value per piece will not be more than Rs.40 – Held that:- version of the appellant in respect of the yarn was bogus. violation of S.113 leading to consequent confiscation u/s 113, penalty is levied under S. 114 of the Customs Act. However, counsel for the appellant submitted that penalty is based on estimation of value based on market enquiry. - Penalty reduced from Rs.3 lakhs to Rs.2 lakhs.
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