https://www.taxtmi.com/caselaws?id=345162 The High Court clarified the interpretation of Section 125 of the Customs Act, 1962, stating that the redemption fine should not exceed the market value of confiscated goods after adjusting for duty. The Court set aside the Tribunal's decision for not considering market value adequately and directed a re-examination. In the case involving misdeclaration and under-valuation of imported goods, the High Court emphasized a fresh review, considering legal requirements and factual aspects. The Court directed the Tribunal to re-assess the penalty and redemption fine in light of misdeclaration issues and valuation discrepancies. en-us Mon, 12 Jun 2017 00:00:00 +0530 Sat, 30 Dec 2017 15:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=345162 The High Court clarified the interpretation of Section 125 of the Customs Act, 1962, stating that the redemption fine should not exceed the market value of confiscated goods after adjusting for duty. The Court set aside the Tribunal's decision for not considering market value adequately and directed a re-examination. In the case involving misdeclaration and under-valuation of imported goods, the High Court emphasized a fresh review, considering legal requirements and factual aspects. The Court directed the Tribunal to re-assess the penalty and redemption fine in light of misdeclaration issues and valuation discrepancies. Case-Laws Customs Mon, 12 Jun 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=345162