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2017 (9) TMI 537 - CESTAT NEW DELHIValuation - imported PVC Sheets - The importer admitted that the value of imported goods were not correct and the correct value is much higher than what is declared - inclusion of freight - Held that: - The facts of the case are not in dispute that the goods which are imported were not assessed to proper duty was admitted by the import themselves. Based on the particulars and details given by the managing director of the importing company, the valuation including freight element was considered by the assessing officer before calculating the differential duty - Since the correct value is only in the knowledge of the importer and is not arrived based on certain materials collected by the Revenue from third party sources, we are not finding any force in the submission of the appellants which is against their own submission made before the lower authorities. On merit as well as on imposition of penalties and fine we are in agreement with the impugned order - The penalty should be equal to duty only and cannot include interest portion of such duty - appeal dismissed - decided partly in favor of appellant.
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