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Tata Iron & Steel Co. Ltd. Versus Commissioner of C. Ex. & Customs

2016 (331) E.L.T. 17 (SC) - Valuation of import of equipment - On the basis of this parroted determination of derived value of the imported equipments, the CESTAT further purported to hold that there was alleged undervaluation of the imported equipments by the appellant and, hence the goods were liable to confiscation but was to be allowed to be redeemed on payment of redemption fine of ₹ 2 crores, reduced from ₹ 6.5 crores imposed by the Adjudicating Authority.

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half, we are of the view that the ends of justice would be sub-served by reducing the said price to DM 17 million. - Decided partly in favor of assessee. - Civil Appeal No. 4433 of 2006 with C.A. No. 2815 of 2007 - Dated:- 17-9-2015 - A.K. Sikri and Rohinton Fali Nariman, JJ. Shri Yashank Adhyaru, Sr. Advocate, Dr. Samir Chakraborty, Ms. Nandini Gore, Kartik Bhatnagar, Ms. Trishala Kulkarni, Ms. Neha Khandelwal, Ms. Aditi Bhatt, Mrs. Manik Karanjawala, Ms. Nisha Bagchi, Ms. B. Sunita Rao, Ms. Su .....

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der dated February 16, 2000 passed in Civil Appeal No. 96 of 1998 [The Tata Iron & Steel Co. Ltd. v. Commissioner of Central Excise & Customs, 2000 (3) SCC 472 = 2000 (116) E.L.T. 422 (S.C.)], whereby CESTAT, in spite of arriving at the categorical finding that there was no evidence on record for verifying whether actual price paid for the imported equipment was more than what was declared, based on estimate , assumptions and presumptions, purported to work out a derived value of the imp .....

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