https://www.taxtmi.com/caselaws?id=94416 The Tribunal upheld the Collector's decision to confiscate the goods and impose a penalty of Rs. 10 lakhs on the appellants for mis-declaration and undervaluation of imported goods. The Tribunal found that the Proforma Invoice was not a valid contract, as it lacked essential terms and conditions and did not reflect prevailing international prices. Comparisons with contemporaneous imports supported the conclusion of undervaluation. The appellants failed to provide a satisfactory explanation, leading to the dismissal of the appeal and confirmation of the penalty and confiscation. en-us Tue, 25 May 1999 00:00:00 +0530 Tue, 22 Nov 2011 13:04:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=94416 The Tribunal upheld the Collector's decision to confiscate the goods and impose a penalty of Rs. 10 lakhs on the appellants for mis-declaration and undervaluation of imported goods. The Tribunal found that the Proforma Invoice was not a valid contract, as it lacked essential terms and conditions and did not reflect prevailing international prices. Comparisons with contemporaneous imports supported the conclusion of undervaluation. The appellants failed to provide a satisfactory explanation, leading to the dismissal of the appeal and confirmation of the penalty and confiscation. Case-Laws Customs Tue, 25 May 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=94416