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2017 (6) TMI 614 - CESTAT CHENNAIValuation of imported goods - re-assessment of the value of the imported goods as well as confiscation thereof for violation of ITC regulations - the grievance of the appellant is that custom authorities have disregarded the load port Chartered Engineer certificate without valid reasons to reject the same - Held that: - customs authorities have rejected the opinion of one expert simply on the basis of opinion by another expert - there is no other sufficient independent reason for such rejection. Such rejection has been held as not a valid basis for rejection of Chartered Engineer certificate. Confiscation - redemption fine - penalty - Held that: - the imported goods are more than 10 years old in terms of Import Trade Control Regulations in EXIM 2002-07 read with para 3.3 of the Handbook of Procedures of Vol-I. The importers have violated the provisions of Foreign Trade (Development and Regulation) Act, 1992. The goods are therefore liable for confiscation under Section 111 (d) of the CA, 1962 - the importers are liable for imposition of penalty also u/s 112 (a) ibid - however, the quantum of redemption fine and penalty reduced. Appeal allowed - decided partly in favor of appellant.
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