https://www.taxtmi.com/caselaws?id=111136 The appellants were found to have misdeclared the composition of export goods in Shipping Bills. The Commissioner determined lower FOB values and PMVs than declared by the appellants, based on market enquiries. DEPB credits were allowed based on chemical test reports and declared values. Goods were liable for confiscation under the Customs Act, but as they were unavailable, a penalty of Rs. 25,000 was imposed. The Tribunal upheld the penalty and allowed DEPB credits based on declared values and PMVs, subject to limits in CBEC Circular No. 69/97. en-us Wed, 04 Feb 2004 00:00:00 +0530 Fri, 20 Apr 2012 15:20:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=111136 The appellants were found to have misdeclared the composition of export goods in Shipping Bills. The Commissioner determined lower FOB values and PMVs than declared by the appellants, based on market enquiries. DEPB credits were allowed based on chemical test reports and declared values. Goods were liable for confiscation under the Customs Act, but as they were unavailable, a penalty of Rs. 25,000 was imposed. The Tribunal upheld the penalty and allowed DEPB credits based on declared values and PMVs, subject to limits in CBEC Circular No. 69/97. Case-Laws Customs Wed, 04 Feb 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=111136