https://www.taxtmi.com/caselaws?id=446329 CESTAT upheld undervaluation assessment for two Bills of Entry where appellant voluntarily accepted enhanced values based on NIDB data, making written acceptance binding under section 147. Tribunal rejected appellant's challenge to transaction value rejection under Rule 12, confirming re-determination under Rule 5 using contemporaneous imports of similar goods was proper. However, demand for five past Bills of Entry was set aside due to insufficient evidence of appellant's acceptance. Confiscation and redemption fine for current Bills of Entry upheld, but set aside for past entries. Individual penalty reduced from Rs. 15,00,000 to Rs. 3,00,000 reflecting sustained demand only. Appeal partially allowed. en-us Wed, 08 Nov 2023 00:00:00 +0530 Fri, 01 Dec 2023 09:27:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446329 CESTAT upheld undervaluation assessment for two Bills of Entry where appellant voluntarily accepted enhanced values based on NIDB data, making written acceptance binding under section 147. Tribunal rejected appellant's challenge to transaction value rejection under Rule 12, confirming re-determination under Rule 5 using contemporaneous imports of similar goods was proper. However, demand for five past Bills of Entry was set aside due to insufficient evidence of appellant's acceptance. Confiscation and redemption fine for current Bills of Entry upheld, but set aside for past entries. Individual penalty reduced from Rs. 15,00,000 to Rs. 3,00,000 reflecting sustained demand only. Appeal partially allowed. Case-Laws Customs Wed, 08 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446329