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2013 (8) TMI 214 - AT - CustomsValuation of goods - inquiry was made by the department to ascertain the actual value of the goods – they determined the transaction value on the basis of the wholesale market price in India - in case of import of pre-packaged commodities, the MRP at which the imported goods were to be sold was required to be declared on the goods, but the same had not been declared and hence the goods appeared to be liable for confiscation under Section 111(d) of Customs Act, 1962, besides being liable for confiscation under Section 111(m) for misdeclaration of description and value - held that:– order was set aside and the matter was remanded back to original authority - The quantum of penalty on the importer firm shall be in proportion to the value of the goods held to be liable for confiscation - No separate penalty on the partners would be required - goods were not liable for confiscation u/s 111(m) - there was no justification for rejecting the declared transaction value in respect of chandeliers lamps, ceiling lights, glass/spare parts, table lamps, down lamps, spot lights and the same has to be accepted and for the same reasons – the question of confiscation of the goods u/s 111(d) has to be decided only after giving a clear finding as to whether the goods imported were in pre-packaged form so as to attract the provisions of Note 5 (e) of General Note of the Foreign Trade Policy – decided in favour of assessee
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