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2014 (11) TMI 232 - AT - CustomsValuation of goods - Toys imported from china - Imposition of penalty - Held that:- appellant admitted to the undervaluation of the goods at the time of importation and informed the customs authorities that he has misdeclared the value of the goods to the extent of 50% of the actual value and this statement has not been retracted. The appellant subsequently also did not lead any evidence to show that the value accepted by him is not true and correct and the accepted value was on the higher side compared to contemporaneous imports of similar/identical goods - It is a well settled position of law that admitted facts need not be proved as held by the Hon’ble High Court of Madras in the case of Govindasamy Raghupathy - [1997 (6) TMI 356 - MADRAS HIGH COURT]. In the present case, the appellant has not led any evidence to show that the value admitted by him is incorrect. Therefore, the adoption of the value as admitted by the appellant in the facts of the case cannot be faulted. Consequently, the appellant is liable to discharge the duty liability. Inasmuch as the value has been misdeclared, imposition of penalty is also sustainable in law - Decided against assessee.
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