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2014 (3) TMI 422 - AT - CustomsValuation of goods - Under valuation of goods - Confiscation u/s 111 - Penalty u/s 112 - Held that:- There is no evidence on record available to prove that the goods under seizure were imported by mis-declaring the value. On the other hand, invoices available on record for the purchase and sale of the goods clearly show that the goods have been purchased from Spices Trading Corporation Ltd. and there is no allegation that the said Corporation has mis-declared the value. Therefore, we set aside the confiscation and fine in lieu of confiscation on the goods which were seized and provisionally released. We also set aside the penalties imposed on M/s. Lalji & Sons, M/s. Radha V. Company and M/s. Poonam Trading Company as there is no evidence to show any involvement on their part in undervaluing the goods which have been imported by Spices Trading Corporation - penalty on Shri Bhumish Shah also will not sustain in the instant case for the reason that the goods under supply were imported by M/s. Spices Trading Corporation and obviously he cannot be a party to mis-declaration in respect of the impugned transactions - Decided in favour of assessee.
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