Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
CESTAT allowed the appeal, finding the revenue's reassessment of imported goods' value unsustainable. The tribunal determined that the department failed to comply with section 14 and Valuation Rules, lacking evidence to substantiate the enhanced valuation. The transaction value declared by the importer was deemed appropriate, as the revenue did not discharge its burden of proving undervaluation. The tribunal rejected the adjudicating authority's findings based solely on the importer's statement, emphasizing that mere admission does not justify reassessment without proper substantive investigation into the goods' characteristics and contemporaneous import values.
CESTAT allowed the appeal, finding the revenue's reassessment of imported goods' value unsustainable. The tribunal determined that the department failed to comply with section 14 and Valuation Rules, lacking evidence to substantiate the enhanced valuation. The transaction value declared by the importer was deemed appropriate, as the revenue did not discharge its burden of proving undervaluation. The tribunal rejected the adjudicating authority's findings based solely on the importer's statement, emphasizing that mere admission does not justify reassessment without proper substantive investigation into the goods' characteristics and contemporaneous import values.
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