TMI Blog2018 (5) TMI 1142X X X X Extracts X X X X X X X X Extracts X X X X ..... action value are not clearly forthcoming. It appears to us that the transaction value has been rejected only on the basis of the market enquires conducted with other local exporters. This cannot be a basis for rejection of transaction value, particularly in view of the fact that the foreign importer has remitted the proceeds of the export goods in full - appeal allowed - decided in favor of appell ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... otal quantity of the goods entered for export was ascertained and it was found that the appellant had mis-declared the quantity as well of the goods, with the intention to avail excess DEPB credit. Further investigations were undertaken by the jurisdictional Central Excise authorities in Surat where the appellant's factory was situated. Enquiries were conducted with several firms engaged in de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Finally the adjudicating authority imposed a penalty of ₹ 5,00,000/- (Rupees Five Lakhs only) on the appellant under Section 114(i) and 114 ( iii ) of the Customs Act 1962. Aggrieved by the impugned order, the present appeal has been filed. 2. When the appeal was called, none appeared on behalf of the appellant. Heard Shri Madhupsharan, DR who reiterated the findings of the adjudicating ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of law that value of transactions of export/import are required to be done on the basis of the transaction value, as per Section 14, Detailed procedure is prescribed for rejecting the transaction value and in such cases, for re-determination of value, the Customs Valuation Rules are required to be followed. 4. In the present case, we find that reasons for rejection of transaction value are no ..... X X X X Extracts X X X X X X X X Extracts X X X X
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