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2016 (12) TMI 573 - AT - CustomsImposition of penalty u/s 112(b) of the Customs Act 1962 - Valuation of imported goods - second hand superbike - the appellant purchased second hand superbike from one Shri Rishi Sood, who had imported the same under Bill of Entry number 184720 dated 21.11.2005. The said superbike was purchased by the appellant in August 2007 against a consideration of ₹ 8 lakhs paid vide cheque dated 07.08.2007 i.e. after almost a period of more than 2 years from the date of import of the goods. The same was also registered in the appellant’s name by the transportation authority - Held that: - the appellate authority has come to a clear finding that there is no role played by the present appellant for the under valuation adopted by the importer at the time of import of the goods. But still he has gone ahead in imposing of penalty upon the importer. Otherwise also I find that the import was two years prior to sale of the bike in question, in which case the appellant, in the absence of any evidence to the contrary cannot be held to be the party to the illegal import so as to impose penalty upon him. In view of the findings of the Commissioner (A) himself, there is no justifiable reason to impose penalty - penalty set aside - appeal allowed - decided in favor of appellant-assessee.
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