https://www.taxtmi.com/caselaws?id=418117 An importer's written acceptance of enhanced customs value at the time of clearance was treated as binding, so a later challenge to that valuation failed. The Tribunal found the enhancement supported by the importer's own concurrence rather than an arbitrary reassessment. However, the redemption fine and penalty were considered excessive in light of the already higher duty liability arising from the enhanced value. The monetary consequences were therefore moderated, with the redemption fine reduced to 20% of the enhanced value and the penalty reduced to Rs. 10,000 in each case. en-us Mon, 31 Jan 2022 00:00:00 +0530 Wed, 09 Feb 2022 05:43:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418117 An importer's written acceptance of enhanced customs value at the time of clearance was treated as binding, so a later challenge to that valuation failed. The Tribunal found the enhancement supported by the importer's own concurrence rather than an arbitrary reassessment. However, the redemption fine and penalty were considered excessive in light of the already higher duty liability arising from the enhanced value. The monetary consequences were therefore moderated, with the redemption fine reduced to 20% of the enhanced value and the penalty reduced to Rs. 10,000 in each case. Case-Laws Customs Mon, 31 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418117