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2016 (2) TMI 852 - SC - CustomsValuation of import of equipment - On the basis of this parroted determination of derived value of the imported equipments, the CESTAT further purported to hold that there was alleged undervaluation of the imported equipments by the appellant and, hence the goods were liable to confiscation but was to be allowed to be redeemed on payment of redemption fine of ₹ 2 crores, reduced from ₹ 6.5 crores imposed by the Adjudicating Authority. Held that:- Insofar as the order of CESTAT on merits is concerned, we do not find any fault therein. However, at the same time, we are also of the view that there may be some dispute about the actual value to the extent to which there was under-valuation of the imported equipments. The price which was disclosed in the Bill of Entry of the aforesaid equipment was shown as DM 13.5 million. The Department has stated that the price should have been DM 21.27 million. - Without going into the details in this behalf, we are of the view that the ends of justice would be sub-served by reducing the said price to DM 17 million. - Decided partly in favor of assessee.
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