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Rejection of declared transaction value under Valuation Rule 12, re-determination of value under Valuation Rules 4-9. Commissioner followed Rule 9, adopted actual values from excel sheet for 3 Bills of Entry, enhanced value where warranted for 16 Bills. Addition of 20% freight, 1.125% insurance u/r 10(2) not sustainable, excel values treated as CIF. Confiscation value Rs.5,47,66,445, penalty of Rs.9 lakhs on Nitin u/s 112 fair. Penalty of Rs.20 lakhs on Nitin u/s 114AA set aside. Penalty of Rs.2 lakhs on Anshul u/s 112 upheld, Rs.5 lakhs penalty u/s 114AA set aside. Declared value rejection upheld, re-determination partly upheld treating excel values as CIF. Remanded for re-computing duty, interest, penalty u/s 114A. Appeal allowed by way of remand.
Rejection of declared transaction value under Valuation Rule 12, re-determination of value under Valuation Rules 4-9. Commissioner followed Rule 9, adopted actual values from excel sheet for 3 Bills of Entry, enhanced value where warranted for 16 Bills. Addition of 20% freight, 1.125% insurance u/r 10(2) not sustainable, excel values treated as CIF. Confiscation value Rs.5,47,66,445, penalty of Rs.9 lakhs on Nitin u/s 112 fair. Penalty of Rs.20 lakhs on Nitin u/s 114AA set aside. Penalty of Rs.2 lakhs on Anshul u/s 112 upheld, Rs.5 lakhs penalty u/s 114AA set aside. Declared value rejection upheld, re-determination partly upheld treating excel values as CIF. Remanded for re-computing duty, interest, penalty u/s 114A. Appeal allowed by way of remand.
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