https://www.taxtmi.com/caselaws?id=115651 The Appellate Tribunal CESTAT, Mumbai upheld the denial of DEPB benefit at a rate of 12% claimed on the FOB value for mis-declaration of exported goods containing polyester fiber instead of cotton as required under Serial No. 72 of the DEPB schedule. The penalty under Section 114 of the Customs Act was reduced from Rs. 1,25,000 to Rs. 25,000 due to mitigating circumstances, emphasizing the importance of accurate declaration in export transactions to avoid penalties and confiscation. The mis-declaration led to the goods being rightfully held liable for confiscation under Section 113(i) of the Customs Act. en-us Wed, 06 Jul 2005 00:00:00 +0530 Thu, 31 May 2012 17:27:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=115651 The Appellate Tribunal CESTAT, Mumbai upheld the denial of DEPB benefit at a rate of 12% claimed on the FOB value for mis-declaration of exported goods containing polyester fiber instead of cotton as required under Serial No. 72 of the DEPB schedule. The penalty under Section 114 of the Customs Act was reduced from Rs. 1,25,000 to Rs. 25,000 due to mitigating circumstances, emphasizing the importance of accurate declaration in export transactions to avoid penalties and confiscation. The mis-declaration led to the goods being rightfully held liable for confiscation under Section 113(i) of the Customs Act. Case-Laws Customs Wed, 06 Jul 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=115651