Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
CESTAT allowed appellants' appeals, finding no willful misstatement or collusion in duty calculation. The tribunal determined that the mis-statement of ex-works price as FOB value was an honest mistake, not an intentional attempt to evade duty. Assessment officers had reviewed all documents and did not challenge the original filing. Consequently, the extended period of limitation could not be invoked, and penalties were set aside. The entire differential duty demand was nullified, providing complete relief to the appellants.
CESTAT allowed appellants' appeals, finding no willful misstatement or collusion in duty calculation. The tribunal determined that the mis-statement of ex-works price as FOB value was an honest mistake, not an intentional attempt to evade duty. Assessment officers had reviewed all documents and did not challenge the original filing. Consequently, the extended period of limitation could not be invoked, and penalties were set aside. The entire differential duty demand was nullified, providing complete relief to the appellants.
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