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2012 (9) TMI 463 - CESTAT, NEW DELHIImport of goods – rejection of transaction value – goods were imported by the appellant from a trading company at Macau and the goods were found to be of Chinese origin - goods were described in the import invoice as ceiling lamp, wall lamp etc. 100% examination of the goods revealed that the ceiling lamp was fitted with bulb & CFL - Revenue entertained a view that the goods were mis-declared and there was an incomplete declaration. They also felt that on above account the invoice did not reflect the correct value – Held that:- There is virtually no evidence on record to reject the transaction value. Further there is neither any reference nor any evidence to the effect that the importer has paid any under hand consideration to the supplier of the goods - no reference to any contemporaneous goods - no justifiable reasons to reject the transaction value and to enhance the value of the goods in question - imposition of separate penalties on the proprietary firm as also on the Proprietor is against the settled principles of law
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