https://www.taxtmi.com/caselaws?id=94782 The Tribunal upheld the Collector's order with modifications, confirming the valuation of imported goods at JY 1,82,577 CIF. A penalty of Rs. 3,50,00,000 was imposed under Section 112(a) for deliberate mis-declaration of value, with the bank guarantee of Rs. 50 lakhs appropriated towards the penalty. While the goods were liable for confiscation under Sections 111(d) and 111(m) of the Customs Act, actual confiscation was not possible as they had been released by the High Court's order. The Tribunal agreed with the Collector's findings on valuation and penalty but modified the confiscation aspect. en-us Wed, 16 Jun 1999 00:00:00 +0530 Sat, 03 Dec 2011 17:18:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=94782 The Tribunal upheld the Collector's order with modifications, confirming the valuation of imported goods at JY 1,82,577 CIF. A penalty of Rs. 3,50,00,000 was imposed under Section 112(a) for deliberate mis-declaration of value, with the bank guarantee of Rs. 50 lakhs appropriated towards the penalty. While the goods were liable for confiscation under Sections 111(d) and 111(m) of the Customs Act, actual confiscation was not possible as they had been released by the High Court's order. The Tribunal agreed with the Collector's findings on valuation and penalty but modified the confiscation aspect. Case-Laws Customs Wed, 16 Jun 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=94782