2012 (6) TMI 225

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..... rket value per piece will not be more than Rs.40 – Held that:- version of the appellant in respect of the yarn was bogus. violation of S.113 leading to consequent confiscation u/s 113, penalty is levied under S. 114 of the Customs Act. However, counsel for the appellant submitted that penalty is based on estimation of value based on market enquiry. - Penalty reduced from Rs.3 lakhs to Rs.2 lakhs. .....

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..... erage value at Rs.175 per piece. However, on enquiry customs found that the average market value per piece will not be more than Rs.40/-. Consequently a case was booked against the appellant. The appellant resisted the department's claim by producing the details. However, on second round of enquiry by the intelligence wing and also on analysis of the yarns count, the Department proved that the ver .....

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