https://www.taxtmi.com/caselaws?id=213535 The Settlement Commission interpreted the exemption notification under the Customs Act 1962, specifically focusing on the term "new" in the context of importing a Ferrari. It was determined that the imported car was indeed new and met the criteria for exemption. The redetermined assessable value of the car was accepted, and the differential duty liability was paid in full. The Commission imposed a penalty but granted immunity from excess penalties. The judgment upheld the Commission's decision, emphasizing limited scope for interference in such matters and dismissing the petition without costs. en-us Thu, 26 Apr 2012 00:00:00 +0530 Tue, 22 Apr 2014 11:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=213535 The Settlement Commission interpreted the exemption notification under the Customs Act 1962, specifically focusing on the term "new" in the context of importing a Ferrari. It was determined that the imported car was indeed new and met the criteria for exemption. The redetermined assessable value of the car was accepted, and the differential duty liability was paid in full. The Commission imposed a penalty but granted immunity from excess penalties. The judgment upheld the Commission's decision, emphasizing limited scope for interference in such matters and dismissing the petition without costs. Case-Laws Customs Thu, 26 Apr 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=213535