Levy of penalty - goods were undervalued - The High Court, after...

Levy of penalty - goods were undervalued - The High Court, after careful consideration of legal precedents and statutory provisions, ruled in favor of the petitioner. It held that detaining goods based solely on valuation discrepancies does not warrant penalty imposition under Section 129 of the Act. The court emphasized adherence to proper procedures outlined in Sections 73 or 74 of the Act for cases involving under-valuation. Consequently, the impugned orders were quashed, and any deposits made by the petitioner were ordered to be returned.