https://www.taxtmi.com/caselaws?id=98746 Undervaluation of exported goods in declarations under the Foreign Exchange Regulation Act, 1947 was held not to amount to contravention of the statutory restriction in section 12(1), so customs penalties based on that ground could not stand. Incorrect statements in the prescribed declaration form concerning sale basis and export value, although contrary to the rules, were treated as breaches of the form and rules only, not as breaches of the restriction enforced through the Sea Customs Act, and therefore did not attract penalty under section 167(8). The penalties imposed on the exporters were unsustainable. en-us Fri, 23 Jan 1970 00:00:00 +0530 Tue, 14 Apr 2015 11:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=98746 Undervaluation of exported goods in declarations under the Foreign Exchange Regulation Act, 1947 was held not to amount to contravention of the statutory restriction in section 12(1), so customs penalties based on that ground could not stand. Incorrect statements in the prescribed declaration form concerning sale basis and export value, although contrary to the rules, were treated as breaches of the form and rules only, not as breaches of the restriction enforced through the Sea Customs Act, and therefore did not attract penalty under section 167(8). The penalties imposed on the exporters were unsustainable. Case-Laws Companies Law Fri, 23 Jan 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=98746