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2014 (9) TMI 103 - AT - CustomsUndervaluation of goods - import of old and used CPU/HDD/RAM, computer cabinet and old and used monitors etc - import in violation of the Foreign Trade Regulations as well as such goods were undervalued - Held that:- The goods imported by nature appear to be of economic value without being scrap in absence of any evidence to the contrary. So also in absence of evidence to show that scrap was only imported, the appellant fails to succeed as to the nature of goods. Further, there is no evidence led by the appellant through any ground to consider about different nature of the goods imported. Therefore on that count also ld. Commissioner is correct to hold that there was violation of Foreign Trade Regulation by the appellants in importing the goods - Commissioner found that the goods were of higher value. He has therefore come to the conclusion that reduction of redemption fine from ₹ 2,50,000/- to ₹ 1,50,00/- and penalty from ₹ 75,000/- to ₹ 50,000/- was warranted. This clearly shows his application of mind in consideration of totality of the facts and circumstances of the case - Decided against assessee.
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