https://www.taxtmi.com/caselaws?id=100268 The Tribunal held that the appellant did not meet the eligibility criteria for importing a car under ITC Public Notice No. 202/92-97 as the foreign company did not hold equity in the Indian company. The Tribunal agreed with the appellant regarding the correctness of valuation, stating that only the freight from Germany to New Delhi should be considered, and the correct exchange rate was necessary. The Tribunal reduced the fine and penalty imposed by the Commissioner, setting them at Rs. 1,50,000 and Rs. 50,000 respectively, based on the valuation modifications. The appeal was partially allowed with the revised quantum of fine and penalty. en-us Tue, 21 Aug 2001 00:00:00 +0530 Tue, 31 Jan 2012 17:41:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=100268 The Tribunal held that the appellant did not meet the eligibility criteria for importing a car under ITC Public Notice No. 202/92-97 as the foreign company did not hold equity in the Indian company. The Tribunal agreed with the appellant regarding the correctness of valuation, stating that only the freight from Germany to New Delhi should be considered, and the correct exchange rate was necessary. The Tribunal reduced the fine and penalty imposed by the Commissioner, setting them at Rs. 1,50,000 and Rs. 50,000 respectively, based on the valuation modifications. The appeal was partially allowed with the revised quantum of fine and penalty. Case-Laws Customs Tue, 21 Aug 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=100268