https://www.taxtmi.com/caselaws?id=119842 The Tribunal found that the Blast Furnace equipment was under-valued by splitting the contract to reduce customs duty liability. The correct value of the equipment was determined to be 20.566 Million DM, higher than the declared value of 13.5 Million DM. The Tribunal upheld the confiscation of goods due to under-valuation but reduced the redemption fine and penalty. The appeal was partly allowed, with the matter remanded for fresh quantification of duty, while the confiscation was upheld but with reduced fines and penalties. en-us Tue, 25 Jul 2006 00:00:00 +0530 Fri, 13 Jul 2012 15:22:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=119842 The Tribunal found that the Blast Furnace equipment was under-valued by splitting the contract to reduce customs duty liability. The correct value of the equipment was determined to be 20.566 Million DM, higher than the declared value of 13.5 Million DM. The Tribunal upheld the confiscation of goods due to under-valuation but reduced the redemption fine and penalty. The appeal was partly allowed, with the matter remanded for fresh quantification of duty, while the confiscation was upheld but with reduced fines and penalties. Case-Laws Customs Tue, 25 Jul 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=119842