https://www.taxtmi.com/caselaws?id=114605 The Tribunal upheld the confiscation of 175 imported old diesel engines and imposed a redemption fine of Rs. 15 lakhs based on a valuation of Rs. 14,84,800. The appeal challenging the valuation and fines imposed was dismissed, with the Tribunal emphasizing the reasonableness of the valuation recommended by departmental surveyors and the lack of convincing evidence to overturn the Commissioner's decision. The Tribunal also highlighted the absence of market inquiries supporting profit margins and retail prices cited, ultimately affirming the fines and penalties imposed. en-us Fri, 20 Aug 2004 00:00:00 +0530 Fri, 18 May 2012 13:18:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=114605 The Tribunal upheld the confiscation of 175 imported old diesel engines and imposed a redemption fine of Rs. 15 lakhs based on a valuation of Rs. 14,84,800. The appeal challenging the valuation and fines imposed was dismissed, with the Tribunal emphasizing the reasonableness of the valuation recommended by departmental surveyors and the lack of convincing evidence to overturn the Commissioner's decision. The Tribunal also highlighted the absence of market inquiries supporting profit margins and retail prices cited, ultimately affirming the fines and penalties imposed. Case-Laws Customs Fri, 20 Aug 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=114605