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of Rejection of declared F.O.B. value and imposition of penalty u/ss 114(iii) and 114AA of Customs Act, 1962 upheld. Market enquiry conducted in presence of appellant's representative, who accepted re-calculated F.O.B. value. Appellant's representative admitted and agreed to value arrived during market enquiry u/s 108. Exporter participated in market enquiry with independent sellers and agreed to value arrived. Misdeclaration of quantity and value led to confiscation u/s 113(i),(ia),(ja). Overvaluation around 2.8 times justified penalty u/ss 114 and 114AA for intentional misdeclaration to avail undue export benefits. Impugned order affirmed, appeal dismissed.
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