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2016 (11) TMI 5 - AT - CustomsLevy of penalty for abetting Undervalution - retraction of statement - imposition of penalties u/s 112 of the CA, 1962 - import of body sprays - Held that: - From the statement of the appellant recorded by the DRI it can be seen that the appellant has been consistently taking a stand that the primary role in negotiating the price and undervaluation with foreign supplier was of M.L. Patwari, though he too was in contact with Pannessar. The statement however contains an admission of undervaluation on the part of the appellant. It is also a fact that information was received from Indian High Commission has not been made part of relied upon documents. Looking at the facts of the case, it cannot be said that the primary role in the undervaluation was that of the appellant, though it is apparent that he played a significant role in the execution of the undervaluation. Under these circumstances and facts, we hold that the appellant is liable to penalty under Section 112. However, the penalty of ₹ 23,08,177/- is excessive. In view of the facts of the case, the penalty is revised from ₹ 23,08,177/- to ₹ 5 lakhs - appeal disposed off - decided partly in favor of appellant.
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