https://www.taxtmi.com/caselaws?id=118754 The Tribunal upheld the confiscation of goods under Section 111(d) of the Customs Act, 1962, due to non-production of the required import license but reduced the fine to Rs. 1 lakh. The Tribunal also set aside the enhancement of declared value, accepting the transaction value of US$ 885 PMT CIF, overturning the confiscation under Section 111(m) for misdeclaration of value. The penalty on the importer was reduced to Rs. 10,000 as the misdeclaration charge was set aside, and only the ITC violation charge was upheld. en-us Mon, 25 Jul 2005 00:00:00 +0530 Thu, 05 Jul 2012 14:48:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=118754 The Tribunal upheld the confiscation of goods under Section 111(d) of the Customs Act, 1962, due to non-production of the required import license but reduced the fine to Rs. 1 lakh. The Tribunal also set aside the enhancement of declared value, accepting the transaction value of US$ 885 PMT CIF, overturning the confiscation under Section 111(m) for misdeclaration of value. The penalty on the importer was reduced to Rs. 10,000 as the misdeclaration charge was set aside, and only the ITC violation charge was upheld. Case-Laws Customs Mon, 25 Jul 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=118754