https://www.taxtmi.com/caselaws?id=74289 The Tribunal ordered an expert panel examination for accurate valuation of imported Acrylic Plastic Sheets within two months, finding the original assessment lacking clear basis. Despite allegations of undervaluation and misdeclaration, the Tribunal reduced the fine from Rs. 2,50,000 to Rs. 36,000 due to lack of mens rea, emphasizing that confiscation does not necessitate proof of intent under the Customs Act. While confirming confiscation due to absolute liability, a nominal penalty of 10% of declared value was imposed instead, considering the circumstances and absence of deliberate suppression. en-us Mon, 05 Dec 1988 00:00:00 +0530 Tue, 07 Jun 2011 18:03:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=74289 The Tribunal ordered an expert panel examination for accurate valuation of imported Acrylic Plastic Sheets within two months, finding the original assessment lacking clear basis. Despite allegations of undervaluation and misdeclaration, the Tribunal reduced the fine from Rs. 2,50,000 to Rs. 36,000 due to lack of mens rea, emphasizing that confiscation does not necessitate proof of intent under the Customs Act. While confirming confiscation due to absolute liability, a nominal penalty of 10% of declared value was imposed instead, considering the circumstances and absence of deliberate suppression. Case-Laws Customs Mon, 05 Dec 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=74289