https://www.taxtmi.com/caselaws?id=43568 The Supreme Court upheld the valuation of imported goods at US $465 per metric tonne based on the actual grade of the goods. The appellants were found liable for misdeclaration under Sections 111(m) and 112 of the Customs Act, 1962, due to knowingly acquiring possession of goods subject to confiscation. The Court affirmed penalties and fines, dismissing the appellants' argument of non-deliberate misdeclaration. The Tribunal's decision to reduce the fine and penalty was upheld, and the appeals were dismissed, emphasizing the appellants' responsibility and knowledge in the misdeclaration. en-us Wed, 16 Sep 1992 00:00:00 +0530 Thu, 17 Jul 2014 13:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=43568 The Supreme Court upheld the valuation of imported goods at US $465 per metric tonne based on the actual grade of the goods. The appellants were found liable for misdeclaration under Sections 111(m) and 112 of the Customs Act, 1962, due to knowingly acquiring possession of goods subject to confiscation. The Court affirmed penalties and fines, dismissing the appellants' argument of non-deliberate misdeclaration. The Tribunal's decision to reduce the fine and penalty was upheld, and the appeals were dismissed, emphasizing the appellants' responsibility and knowledge in the misdeclaration. Case-Laws Customs Wed, 16 Sep 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=43568