TMI Blog2017 (5) TMI 80X X X X Extracts X X X X X X X X Extracts X X X X ..... ttedly incorrect. In the bill and bilty etc., the product was shown as PVC granules but its value has been shown at ₹ 16.50 per Kg. No basis could be disclosed before the Tribunal to support such valuation - According to the department, the goods were to be unloaded in the State of U.P., and that is why false description was given in TDF etc - the conditional deposit of security for release ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rted was P.V.C. Granules. The rate disclosed in the bill was ₹ 16.50 per Kg. An order of seizure was passed, and the transporter was allowed release of goods upon deposit of 40% of the value of goods assessed at ₹ 22,00,000/-. In appeal, the valuation of goods is brought down to ₹ 8,80,000/-, and deposit of cash security/bank guarantee is also reduced from 40% to 15%. Learned ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... roduct was shown as PVC granules but its value has been shown at ₹ 16.50 per Kg. No basis could be disclosed before the Tribunal to support such valuation. The valuation produced by the transporter itself shows its value at ₹ 40 per Kg. The tribunal on the other hand has taken the price to be ₹ 50 per Kg. Such determination of rate cannot be said to be wholly without any basis. A ..... X X X X Extracts X X X X X X X X Extracts X X X X
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