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<h1>CEGAT Upholds Penalty for Under-Declared Import Value</h1> <h3>TAMILNADU PETRO PRODUCTS LTD. Versus COMMISSIONER OF CUSTOMS, MUMBAI</h3> The Appellate Tribunal CEGAT, Mumbai upheld the penalty and redemption fine imposed on M/s. Tamilnadu Petro Products Ltd. for under-declaring the value of ... Valuation - Undervaluation - Redemption fine and penalty The Appellate Tribunal CEGAT, Mumbai upheld the penalty and redemption fine imposed on M/s. Tamilnadu Petro Products Ltd. for under-declaring the value of imported catalyst. The Tribunal rejected the appeal for enhancement of the penalty and fine, stating that the importers failed to provide a satisfactory explanation for the lower valuation declared. Both appeals were rejected.