https://www.taxtmi.com/caselaws?id=248944 The case involved an application for waiver of pre-deposit of duty and penalty by M/s. Twenty First Century Iron & Steel Ltd. for exporting Iron Ore Fine and Lumps. The applicant inflated the freight rate to suppress the value of goods for Customs duty purposes. Evidence showed the actual lower freight rate. The adjudicating authority directed the applicant to deposit Rs.11,18,700 within eight weeks, with the remaining penalties waived upon this deposit. Shri Gaurav Goel, the Chairman and Managing Director, was directed to deposit Rs.50,000 for his involvement. The judgment emphasized the accurate declaration of freight rates to avoid duty evasion. en-us Tue, 01 Apr 2014 00:00:00 +0530 Mon, 30 Jun 2014 15:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=248944 The case involved an application for waiver of pre-deposit of duty and penalty by M/s. Twenty First Century Iron & Steel Ltd. for exporting Iron Ore Fine and Lumps. The applicant inflated the freight rate to suppress the value of goods for Customs duty purposes. Evidence showed the actual lower freight rate. The adjudicating authority directed the applicant to deposit Rs.11,18,700 within eight weeks, with the remaining penalties waived upon this deposit. Shri Gaurav Goel, the Chairman and Managing Director, was directed to deposit Rs.50,000 for his involvement. The judgment emphasized the accurate declaration of freight rates to avoid duty evasion. Case-Laws Customs Tue, 01 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=248944