https://www.taxtmi.com/caselaws?id=34164 The tribunal upheld the confiscation of goods and penalties imposed on involved parties in the case involving misdeclaration of Present Market Value (PMV) for DEPB benefits. The appellants misdeclared PMV significantly higher to claim higher benefits, leading to penalties for over-valuation. The tribunal ruled that misdeclaration of PMV renders goods "prohibited" under the Customs Act, justifying confiscation. It emphasized compliance with export regulations and rejected arguments against confiscation based on CBEC circulars, affirming the penalties imposed on the appellants. en-us Wed, 17 Sep 2008 00:00:00 +0530 Tue, 21 Jul 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=34164 The tribunal upheld the confiscation of goods and penalties imposed on involved parties in the case involving misdeclaration of Present Market Value (PMV) for DEPB benefits. The appellants misdeclared PMV significantly higher to claim higher benefits, leading to penalties for over-valuation. The tribunal ruled that misdeclaration of PMV renders goods "prohibited" under the Customs Act, justifying confiscation. It emphasized compliance with export regulations and rejected arguments against confiscation based on CBEC circulars, affirming the penalties imposed on the appellants. Case-Laws Customs Wed, 17 Sep 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=34164