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TMI Blog2014 (11) TMI 785X X X X Extracts X X X X X X X X Extracts X X X X ..... e For the Respondent : Shri A Jain, DR JUDGEMENT Per Archana Wadhwa (for the Bench): Both the appeals are being disposed of by a common order as they arise out of same impugned order passed by the lower authorities. 2. After hearing both sides, we find that M/s. Five Core Electricals Ltd. imported 7000 pcs of 'PCB board mounted' and filed Bill of Entry giving the description of the goods as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stigations were undertaken and the statement of Shri Amarjit Singh Kalra, Director of importer firm was recorded. In his statement, the said deponents admitted the fact that the goods were carrying correct classification as 'PCB board mounted' for TV chasis 14' to submit that wrong description was given by CHA by mistake. He also accepted that the fair value of the goods on the basis of computed v ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... yment of redemption fine of Rs. 5,00,000/-, penalty of Rs. 2,00,000/- was imposed on the firm and of Rs. 1,00,000/- was imposed upon the Director for mis-declartion and under-valuation of the goods. Hence the present appeal. 6. After hearing both sides, we find that the description given in the foreign suppliers invoice was simplicitor 'PCB board mounted'. The said description in the Bill of Ent ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Inasmuch as there is admitted mis-declaration in the Bill of Entry, the value reflected therein, as transaction value, has to be rejected. 7. Not only that, the inquiries made by the Revenue from CEAMA revealed that the computed value of the product should be US $ 11 or US $ 12. The Revenue has further taken the separate cost of various components of the product and has justifiably arrived at a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - (Rupees Three lakhs only). However, we find no reason to interfere in the penalty of Rs. 2,00,000/- (Rupees two lakhs) imposed upon the importing firm which seems to be reasonable in the light of finding of mis-declaration of description and value of goods. 8. As regards penalty of Rs. one lakh on Shri Amarjit Singh Kalra, Director of the importing firm, we are of the view that inasmuch as the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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