https://www.taxtmi.com/caselaws?id=95103 The Tribunal determined the assessable value of seized watches at Rs. 135 per unit based on CIF value, reducing the redemption fine to Rs. 85,000. The penalty on the company was reduced to Rs. 50,000, and on the authorized signatory to Rs. 25,000. The confiscation of watches was upheld due to the appellants' failure to prove legal import, with the Tribunal emphasizing the distinction between market value and CIF value for duty calculation. en-us Thu, 16 Nov 2000 00:00:00 +0530 Wed, 07 Dec 2011 18:20:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=95103 The Tribunal determined the assessable value of seized watches at Rs. 135 per unit based on CIF value, reducing the redemption fine to Rs. 85,000. The penalty on the company was reduced to Rs. 50,000, and on the authorized signatory to Rs. 25,000. The confiscation of watches was upheld due to the appellants' failure to prove legal import, with the Tribunal emphasizing the distinction between market value and CIF value for duty calculation. Case-Laws Customs Thu, 16 Nov 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=95103