https://www.taxtmi.com/caselaws?id=245518 The Appellate Tribunal CESTAT MUMBAI granted an unconditional waiver from pre-deposit of a penalty imposed on a pharmaceutical company for mis-declaration of present market value of exported goods under the Customs Act. The Tribunal found that the mis-declaration was inadvertent without any intent to violate the law, as evidenced by the Revenue's acceptance of FOB prices and grant of DEPB credit based on the declaration. Emphasizing the importance of considering intent and context, the Tribunal deemed the penalty excessive and stayed the recovery, highlighting the need for a balanced approach in imposing penalties for mis-declarations. en-us Mon, 13 Jan 2014 00:00:00 +0530 Tue, 11 Aug 2015 14:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=245518 The Appellate Tribunal CESTAT MUMBAI granted an unconditional waiver from pre-deposit of a penalty imposed on a pharmaceutical company for mis-declaration of present market value of exported goods under the Customs Act. The Tribunal found that the mis-declaration was inadvertent without any intent to violate the law, as evidenced by the Revenue's acceptance of FOB prices and grant of DEPB credit based on the declaration. Emphasizing the importance of considering intent and context, the Tribunal deemed the penalty excessive and stayed the recovery, highlighting the need for a balanced approach in imposing penalties for mis-declarations. Case-Laws Customs Mon, 13 Jan 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=245518