Interest on Wrongful Input Tax Credit is mandatory where excess transitional credit was retained and later reversed, and related objections were rejec...
Customs valuation was redetermined using the supplier's export declaration and accepted where the importer did not produce alternate purchase documentation; the Tribunal upheld the enhanced assessable value and differential duty. The record supported misdeclaration of goods, quantity and value, so confiscation of the imported goods was sustained. In mitigation, the redemption fine and one specified penalty were reduced while all other penalties were set aside. The summary addresses valuation, misdescription/misdeclaration, confiscation, and selective remission of fiscal penalties as the operative effects.
Customs valuation was redetermined using the supplier's export declaration and accepted where the importer did not produce alternate purchase documentation; the Tribunal upheld the enhanced assessable value and differential duty. The record supported misdeclaration of goods, quantity and value, so confiscation of the imported goods was sustained. In mitigation, the redemption fine and one specified penalty were reduced while all other penalties were set aside. The summary addresses valuation, misdescription/misdeclaration, confiscation, and selective remission of fiscal penalties as the operative effects.
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