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2017 (1) TMI 1274 - CESTAT CHENNAIValuation - Rule 8 of the Valuation Rule, 1988 - Held that: - There is no material on record to discard adoption of Rule 8 when the justification is given by adjudicating authority in para 8 of his order. There was a technical evaluation of the goods and that demonstrated that the goods imported has still life for the commercial utilization - residual method adopted for valuation is justified. So far as redemption fine is concerned, for no market enquiry done by the authority, to ascertain market value, it is considered proper that imposition of redemption of ₹ 1,00,000/- may be justified. So far as penalty of ₹ 85,000/- is concerned, in absence of any ingredient to prove malafides of appellant, imposition of penalty of ₹ 50,000/- is considered proper. Appeal disposed off - decided partly in favor of appellant.
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