https://www.taxtmi.com/caselaws?id=253725 The tribunal set aside the penalty imposed on M/s GKB Vision Ltd. and Shri K.G. Gupta for not considering certain expenses in the declared value of imported goods. The Asstt. Development Commissioner's permission to modify the value played a crucial role, leading to the value falling within permissible limits and eliminating duty demands. The appellants' genuine mistake was rectified through clarification, emphasizing the importance of accurate valuation, regulatory permissions, and seeking clarifications to avoid penalties in importing goods. en-us Thu, 13 Feb 2014 00:00:00 +0530 Tue, 02 Dec 2014 17:30:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=253725 The tribunal set aside the penalty imposed on M/s GKB Vision Ltd. and Shri K.G. Gupta for not considering certain expenses in the declared value of imported goods. The Asstt. Development Commissioner's permission to modify the value played a crucial role, leading to the value falling within permissible limits and eliminating duty demands. The appellants' genuine mistake was rectified through clarification, emphasizing the importance of accurate valuation, regulatory permissions, and seeking clarifications to avoid penalties in importing goods. Case-Laws Customs Thu, 13 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=253725