https://www.taxtmi.com/caselaws?id=772577 CESTAT Chennai ruled on valuation of imported used machinery under EPCG scheme involving high seas sale. The tribunal upheld rejection of declared value due to manipulation of documents and false valuation certificate. Extended limitation period was validly invoked for suppression of facts. However, EPCG license benefit could not be denied without DGFT cancellation. Duty was reworked allowing notification benefit, confiscation was set aside, but penalties under sections 112(a) and 114AA were upheld for fraudulent conduct. Appeal was disposed with modified relief. en-us Thu, 24 Apr 2025 00:00:00 +0530 Fri, 06 Jun 2025 14:52:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=772577 CESTAT Chennai ruled on valuation of imported used machinery under EPCG scheme involving high seas sale. The tribunal upheld rejection of declared value due to manipulation of documents and false valuation certificate. Extended limitation period was validly invoked for suppression of facts. However, EPCG license benefit could not be denied without DGFT cancellation. Duty was reworked allowing notification benefit, confiscation was set aside, but penalties under sections 112(a) and 114AA were upheld for fraudulent conduct. Appeal was disposed with modified relief. Case-Laws Customs Thu, 24 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=772577