https://www.taxtmi.com/caselaws?id=344343 The Tribunal partially allowed the appeal, emphasizing the acceptance of the declared value supported by the load port Chartered Engineer certificate. The reassessment based on the local Chartered Engineer's certificate was deemed invalid, and the confiscation of goods for violating ITC regulations was upheld. The redemption fine and penalty imposed on the importers under Section 112(a) of the Customs Act, 1962, were reduced to Rs. 50,000 and Rs. 25,000, respectively, considering the circumstances of the case. en-us Mon, 12 Jun 2017 00:00:00 +0530 Fri, 05 Jan 2018 12:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=344343 The Tribunal partially allowed the appeal, emphasizing the acceptance of the declared value supported by the load port Chartered Engineer certificate. The reassessment based on the local Chartered Engineer's certificate was deemed invalid, and the confiscation of goods for violating ITC regulations was upheld. The redemption fine and penalty imposed on the importers under Section 112(a) of the Customs Act, 1962, were reduced to Rs. 50,000 and Rs. 25,000, respectively, considering the circumstances of the case. Case-Laws Customs Mon, 12 Jun 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=344343