https://www.taxtmi.com/caselaws?id=92122 The Tribunal upheld the penalty amount of Rs. 1.00 lakh imposed on the applicant firm for misdeclaration and undervaluation of goods. The firm's request for dispensation with the pre-deposit of the penalty was denied, and the Tribunal directed the Department to adjust the penalty amount from the Bank Guarantee provided by the firm. The Department was instructed to encash the Bank Guarantee within six weeks, or the firm was to deposit the penalty amount in cash. The Tribunal rejected the applicability of a previous tribunal decision cited by the firm, emphasizing the admission of misdeclaration and undervaluation. en-us Thu, 03 Jun 1999 00:00:00 +0530 Mon, 24 Oct 2011 18:03:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=92122 The Tribunal upheld the penalty amount of Rs. 1.00 lakh imposed on the applicant firm for misdeclaration and undervaluation of goods. The firm's request for dispensation with the pre-deposit of the penalty was denied, and the Tribunal directed the Department to adjust the penalty amount from the Bank Guarantee provided by the firm. The Department was instructed to encash the Bank Guarantee within six weeks, or the firm was to deposit the penalty amount in cash. The Tribunal rejected the applicability of a previous tribunal decision cited by the firm, emphasizing the admission of misdeclaration and undervaluation. Case-Laws Customs Thu, 03 Jun 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=92122