https://www.taxtmi.com/caselaws?id=42560 The Supreme Court declined to interfere with the Tribunal's valuation finding under section 14 of the Customs Act, 1962, because the accepted value of US $ 627.27 rested on appreciation of documentary and surrounding evidence and no legal infirmity was shown. On that basis, undervaluation stood established and penalty became exigible. The Court also upheld the Tribunal's exercise of discretion in reducing the penalty from Rs. 4,50,000 to Rs. 2,50,000, finding no ground for further reduction. The appeal therefore failed and the Tribunal's order was left undisturbed, apart from the penalty reduction already granted. en-us Wed, 13 Sep 1989 00:00:00 +0530 Sat, 12 Jun 2010 09:51:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=42560 The Supreme Court declined to interfere with the Tribunal's valuation finding under section 14 of the Customs Act, 1962, because the accepted value of US $ 627.27 rested on appreciation of documentary and surrounding evidence and no legal infirmity was shown. On that basis, undervaluation stood established and penalty became exigible. The Court also upheld the Tribunal's exercise of discretion in reducing the penalty from Rs. 4,50,000 to Rs. 2,50,000, finding no ground for further reduction. The appeal therefore failed and the Tribunal's order was left undisturbed, apart from the penalty reduction already granted. Case-Laws Customs Wed, 13 Sep 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=42560