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2018 (11) TMI 623 - AT - CustomsPenalty u/s 11AC - Valuation - inclusion of amortization cost of moulds and dyes supplied free of cost by the customer of final product in assessable value - period January 1997 to September 2000 - Held that:- On this issue, there were conflicting judgments - it is fit case to view that the appellant had a bonafide belief due to lack of clarity on legal issue and grave interpretation of Valuation Rules involved. Since the SCN involved in the present case does not involve any suppression of fact or mis-declaration on the part of appellant, the penalty under Section 11AC was clearly not warranted - appeal allowed - decided in favor of appellant.
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