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2019 (1) TMI 1736 - AT - CustomsConfiscation - imposition of penalty - Detrimental consequences arising from what is considered to be a mere oversight having negligible impact on duty and arising from their own volunteering of information - HELD THAT:- It is clear from the records that, after the assessment of the warehousing bill of entry, the importer realized the error in the declaration of value and sought intervention under the statutory provision appropriate for the circumstances. That the goods were purchased while on high seas and the differential value was not of such significance could have led to the oversight and, in any case, was hardly worth evading. Doubtlessly, the goods being entered for warehousing would have been subject to assessment again at the time of clearance. There appears, therefore, no prejudice to the interest of Revenue. In these circumstances, resort to confiscation under Section 111(m) and penalty under Section 112 of Customs Act, 1962 does not appear to be justified. The appeal is allowed by setting aside the confiscation and penalty.
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