No Misdeclaration Found in Jewellery Import; Section 111(m) of Customs Act Not Applicable; No Penalty Imposed.

No Misdeclaration Found in Jewellery Import; Section 111(m) of Customs Act Not Applicable; No Penalty Imposed. https://www.taxtmi.com/highlights?id=66716 Levy of penalty - import of new/unused jewellery - there is absolutely no misdeclaration between the description and / or value declared in the Bill of Entry and the goods actually imported by petitioner, both being diamond studded gold and silver jewellery. Accordingly, question of invoking Section 111(m) of the Customs Act does not arise at all in the present case. It is also noteworthy that there is no such requirement under the SEZ Act. - HC en-us Wed, 23 Nov 2022 15:32:18 +0530 Wed, 23 Nov 2022 15:32:18 +0530 TaxTMI RSS Generator No Misdeclaration Found in Jewellery Import; Section 111(m) of Customs Act Not Applicable; No Penalty Imposed. https://www.taxtmi.com/highlights?id=66716 Levy of penalty - import of new/unused jewellery - there is absolutely no misdeclaration between the description and / or value declared in the Bill of Entry and the goods actually imported by petitioner, both being diamond studded gold and silver jewellery. Accordingly, question of invoking Section 111(m) of the Customs Act does not arise at all in the present case. It is also noteworthy that there is no such requirement under the SEZ Act. - HC Highlights Customs Wed, 23 Nov 2022 15:32:18 +0530 https://www.taxtmi.com/highlights?id=66716