https://www.taxtmi.com/caselaws?id=364899 The Tribunal upheld the DGFT's power to issue notifications under Section 3 of the FT(DR) Act, 1992, allowing restrictions like the Minimum Import Price (MIP). It ruled that MIP does not enhance goods' value but imposes restrictions. The Tribunal found Customs cannot enhance valuation based solely on MIP, citing Section 14. While acknowledging violations of the Foreign Trade Policy, penalties were reduced due to no revenue loss. The Tribunal partly allowed all appeals, modifying orders to reduce fines and penalties, clarifying DGFT's powers, value enhancement legality, and penalty proportionality. en-us Mon, 06 Aug 2018 00:00:00 +0530 Sat, 06 Apr 2019 13:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=364899 The Tribunal upheld the DGFT's power to issue notifications under Section 3 of the FT(DR) Act, 1992, allowing restrictions like the Minimum Import Price (MIP). It ruled that MIP does not enhance goods' value but imposes restrictions. The Tribunal found Customs cannot enhance valuation based solely on MIP, citing Section 14. While acknowledging violations of the Foreign Trade Policy, penalties were reduced due to no revenue loss. The Tribunal partly allowed all appeals, modifying orders to reduce fines and penalties, clarifying DGFT's powers, value enhancement legality, and penalty proportionality. Case-Laws Customs Mon, 06 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=364899