https://www.taxtmi.com/caselaws?id=45732 Section 12(1) of the Foreign Exchange Regulation Act, 1947 required an export declaration to be true in all material particulars, including the full export value and affirmation that payment would be received in the prescribed manner. A rupee-based payment arrangement did not by itself make the declaration false or -compliant where the exporter disclosed the true agreed value and there was no underinvoicing or suppression. On the facts found, no contravention of Section 12(1) was established, so confiscation under the Customs Act and the related penalty were unjustified and the customs order was quashed. en-us Wed, 08 Dec 1971 00:00:00 +0530 Tue, 13 Jul 2010 14:29:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=45732 Section 12(1) of the Foreign Exchange Regulation Act, 1947 required an export declaration to be true in all material particulars, including the full export value and affirmation that payment would be received in the prescribed manner. A rupee-based payment arrangement did not by itself make the declaration false or -compliant where the exporter disclosed the true agreed value and there was no underinvoicing or suppression. On the facts found, no contravention of Section 12(1) was established, so confiscation under the Customs Act and the related penalty were unjustified and the customs order was quashed. Case-Laws Customs Wed, 08 Dec 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=45732