https://www.taxtmi.com/caselaws?id=271837 In a high seas sale import, the assessable value includes debit note amounts recovered by the original seller where the higher consideration formed part of the actual transaction price, and the differential duty demand was sustained. Non-disclosure of the complete transaction chain and recovery of higher amounts through debit notes amounted to suppression of material facts, so the extended period of limitation was rightly invoked. Redemption fine was not leviable because the goods had already been cleared and were not available for confiscation. The penalties were modified: major penalties were reduced in light of mitigating circumstances, while the remaining penalties were upheld, with the benefit of reduced penalty payment extended subject to timely compliance. en-us Mon, 08 Feb 2016 00:00:00 +0530 Mon, 13 Feb 2017 17:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=271837 In a high seas sale import, the assessable value includes debit note amounts recovered by the original seller where the higher consideration formed part of the actual transaction price, and the differential duty demand was sustained. Non-disclosure of the complete transaction chain and recovery of higher amounts through debit notes amounted to suppression of material facts, so the extended period of limitation was rightly invoked. Redemption fine was not leviable because the goods had already been cleared and were not available for confiscation. The penalties were modified: major penalties were reduced in light of mitigating circumstances, while the remaining penalties were upheld, with the benefit of reduced penalty payment extended subject to timely compliance. Case-Laws Customs Mon, 08 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=271837