https://www.taxtmi.com/caselaws?id=94194 The Tribunal set aside the decision to confiscate goods and impose a redemption fine and personal penalty under Section 111(m) of the Customs Act, directing a reassessment of the market price for proper penalty determination. The appellants' plea for liberty to present evidence on market prices was granted, emphasizing the need for accurate valuation before imposing penalties. The Tribunal highlighted discrepancies in market price assessments and instructed the adjudicating authority to expedite the case, providing both parties the opportunity to present evidence and ensuring a fair penalty determination based on the correct market price. en-us Mon, 04 Jan 1999 00:00:00 +0530 Sat, 19 Nov 2011 17:07:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=94194 The Tribunal set aside the decision to confiscate goods and impose a redemption fine and personal penalty under Section 111(m) of the Customs Act, directing a reassessment of the market price for proper penalty determination. The appellants' plea for liberty to present evidence on market prices was granted, emphasizing the need for accurate valuation before imposing penalties. The Tribunal highlighted discrepancies in market price assessments and instructed the adjudicating authority to expedite the case, providing both parties the opportunity to present evidence and ensuring a fair penalty determination based on the correct market price. Case-Laws Customs Mon, 04 Jan 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=94194