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2017 (6) TMI 842 - AT - CustomsValuation of imported goods - used offset printing machines along with standard accessories - enhancement of value of the imported goods in terms of local Chartered Engineer opinion - Held that: - local Chartered Engineer was not in possession of any additional information to decide the valuation. Virtually, he has not given any reference to the technical manual or information based on which value of the machines have been reassessed. In fact, the local Chartered Engineer has indicated the year of manufacture as 1984 as against 1975 by the Chartered Engineer at load port. Admittedly, 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 Customs Act, 1962 - redemption fine reduced to ₹ 1,00,000/- - penalty u/s 112 (a) reduced to ₹ 50,000/-. Appeal allowed - decided partly in favor of appellant.
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