https://www.taxtmi.com/caselaws?id=338194 The Appellate Tribunal CESTAT CHENNAI partially allowed the appeal concerning the valuation of imported goods. The Tribunal upheld the enhanced assessable value determined under Rule 8 of the Valuation Rules, while reducing the redemption fine from Rs. 1,65,000 to Rs. 1,00,000 and the penalty from Rs. 85,000 to Rs. 50,000. The Tribunal found that the declared value of the goods was abnormally low, justifying the application of Rule 8 for valuation. Additionally, it noted the absence of evidence proving malafides on the part of the appellant, leading to the reduction in penalty. en-us Tue, 18 Oct 2016 00:00:00 +0530 Sat, 28 Jan 2017 07:35:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338194 The Appellate Tribunal CESTAT CHENNAI partially allowed the appeal concerning the valuation of imported goods. The Tribunal upheld the enhanced assessable value determined under Rule 8 of the Valuation Rules, while reducing the redemption fine from Rs. 1,65,000 to Rs. 1,00,000 and the penalty from Rs. 85,000 to Rs. 50,000. The Tribunal found that the declared value of the goods was abnormally low, justifying the application of Rule 8 for valuation. Additionally, it noted the absence of evidence proving malafides on the part of the appellant, leading to the reduction in penalty. Case-Laws Customs Tue, 18 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338194