https://www.taxtmi.com/caselaws?id=41759 The Supreme Court clarified the interpretation of Section 111(m) of the Customs Act, 1962, focusing on the penalty imposed for discrepancies in declared value of imported goods. The Court highlighted the significance of the term 'value' in the amended provision and the legislative intent behind the 1973 amendment. Ultimately, the Court allowed the appeal, setting aside the penalty imposed under Section 111(m) and Section 111(d) as 'value' was not a relevant factor pre-amendment. The appellant was granted entitlement to a refund of the penalty, with no order as to costs. en-us Tue, 02 Sep 1986 00:00:00 +0530 Tue, 29 Jul 2014 16:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=41759 The Supreme Court clarified the interpretation of Section 111(m) of the Customs Act, 1962, focusing on the penalty imposed for discrepancies in declared value of imported goods. The Court highlighted the significance of the term 'value' in the amended provision and the legislative intent behind the 1973 amendment. Ultimately, the Court allowed the appeal, setting aside the penalty imposed under Section 111(m) and Section 111(d) as 'value' was not a relevant factor pre-amendment. The appellant was granted entitlement to a refund of the penalty, with no order as to costs. Case-Laws Customs Tue, 02 Sep 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=41759