https://www.taxtmi.com/caselaws?id=122955 Declared FOB values were found to be artificially inflated to obtain higher DEPB credit, because test reports and market inquiries showed the export goods were worth less than the values declared. Foreign remittance alone did not validate the inflated declarations, and the applicable circular required DEPB credit to be computed on present market value where artificial inflation was established. On that basis, the Tribunal treated the goods as liable to confiscation under the Customs Act and sustained the penalties for breach of the export incentive conditions. en-us Fri, 14 Sep 2007 00:00:00 +0530 Tue, 26 Sep 2017 09:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=122955 Declared FOB values were found to be artificially inflated to obtain higher DEPB credit, because test reports and market inquiries showed the export goods were worth less than the values declared. Foreign remittance alone did not validate the inflated declarations, and the applicable circular required DEPB credit to be computed on present market value where artificial inflation was established. On that basis, the Tribunal treated the goods as liable to confiscation under the Customs Act and sustained the penalties for breach of the export incentive conditions. Case-Laws Customs Fri, 14 Sep 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=122955