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2008 (2) TMI 104 - AT - CustomsSecondhand sailboat imported - since the importer didn’t possess a specific import licence, confiscation is justified - keeping in view the fact that the vessel was for his personal use, and further noting that specific import licence can be obtained by applying to DGFT, fine is reduced – charge of undervaluation on ground of non-declaration of insured value is not justified because insurance value is irrelevant for purpose of valuation – penalty is set aside - appeal partly allowed
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