2001 (2) TMI 467 - AT - Customs

Summary

The Appellate Tribunal CEGAT, Mumbai waived the penalty of Rs. 2.50 lakhs imposed under Section 114(1) of the Act on the ground of overvaluation of skirts tendered for export. The Tribunal found evidence relied upon by the department to establish overvaluation as vague and not acceptable, leading to the waiver of the penalty and stay of its recovery.