TMI Blog2003 (11) TMI 222X X X X Extracts X X X X X X X X Extracts X X X X ..... e aggrieved with the order of confiscation of goods, granting them option of redemption on payment of fine and penalty imposed in the matter by the Commissioner of Customs (Sea), Chennai in the impugned order dated 21-10-2002. The appellants had imported Ceramic Tiles valued at US $ 3.6 per sq. mtr. (C F), Chennai on the strength of invoice dated 20-6-2002 raised by M/s. Nippon Granites, Sri Lanka ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ade any profit in the matter. The margin of profit, according to them, has come down considerably in view of warehouse charges, steamer agent charges mounting to Rs. 1,28,688/- and Rs. 89,603/- respectively. It is stated that price of the goods have fallen down considerably and in this regard an affidavit of Shri K. Raghava Reddy, who is the Chairman of the appellant firm, has been filed. A fresh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nies from third parties and by paying high rate of interest. It is his submission that the calculation of margin of profit has not been properly arrived at in terms of the formula adopted by the Tribunal in the case of Shankar Trading Co. v. CC, Trichy, 1999 (106) E.L.T. 456. It is his submission that department cannot adopt the price as declared for the purpose of arriving at the market value but ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Commissioner by rejecting the appeal. 5. On a careful consideration of the submissions, we notice that appellant has filed an affidavit to show that the margin of profit has come down to Rs. 63,715/-. It is also stated that department has worked out the margin of profit on the basis of value declared and not on the basis of enhanced value and it is stated that the correct procedure is to wor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... circumstances in the matter. On the appellant's plea that the enhanced value is required to be accepted, the matter is remanded to the original authority for de novo consideration. As the goods are still in custody, the matter may be adjudicated within one month from the receipt of this order. Thus, the appeal is allowed by way of remand. Ordered accordingly. - - TaxTMI - TMITax - Customs ..... X X X X Extracts X X X X X X X X Extracts X X X X
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