https://www.taxtmi.com/caselaws?id=202468 The Tribunal set aside the Commissioner's order enhancing the value of imported goods, directing the assessment based on the declared value aligned with an overseas engineer's certificate. The Tribunal criticized the reliance on local market values and lack of consideration for crucial factors like age and condition. The confiscation of goods for lacking an import license was upheld, but the redemption fine and penalty were reduced from Rs.5 lakhs to Rs.2.5 lakhs each, in favor of the appellant. en-us Tue, 11 Jan 2011 00:00:00 +0530 Fri, 07 Jun 2013 11:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=202468 The Tribunal set aside the Commissioner's order enhancing the value of imported goods, directing the assessment based on the declared value aligned with an overseas engineer's certificate. The Tribunal criticized the reliance on local market values and lack of consideration for crucial factors like age and condition. The confiscation of goods for lacking an import license was upheld, but the redemption fine and penalty were reduced from Rs.5 lakhs to Rs.2.5 lakhs each, in favor of the appellant. Case-Laws Customs Tue, 11 Jan 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=202468