https://www.taxtmi.com/caselaws?id=213905 The Kerala High Court, in a case concerning undervaluation of export cargo under the DEPB scheme, upheld the imposition of a penalty under Section 114 of the Customs Act due to the appellant's misrepresentation of the market value of knitted T-shirts. Relying on factual findings and legal precedents, the Court modified the penalty amount from Rs.3 lakhs to Rs.2 lakhs, recognizing the appellant's argument for a reduction based on market value estimation. This judgment underscores the importance of accurate valuation in customs matters and demonstrates a balanced approach to penalties, considering both enforcement and fairness. en-us Fri, 24 Feb 2012 00:00:00 +0530 Thu, 07 Mar 2013 15:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=213905 The Kerala High Court, in a case concerning undervaluation of export cargo under the DEPB scheme, upheld the imposition of a penalty under Section 114 of the Customs Act due to the appellant's misrepresentation of the market value of knitted T-shirts. Relying on factual findings and legal precedents, the Court modified the penalty amount from Rs.3 lakhs to Rs.2 lakhs, recognizing the appellant's argument for a reduction based on market value estimation. This judgment underscores the importance of accurate valuation in customs matters and demonstrates a balanced approach to penalties, considering both enforcement and fairness. Case-Laws Customs Fri, 24 Feb 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=213905