https://www.taxtmi.com/caselaws?id=50079 A mere price list, without evidence of actual import transactions at those prices, was held insufficient to sustain a penalty for alleged undervaluation under Section 112 of the Customs Act, 1962. In the valuation dispute concerning imported LPG conversion kits, the penalty was not justified because the enhancement of value rested only on the price list, while the record also noted that the importer had not redeemed the goods and had suffered financial loss. The confiscation was sustained, but the penalty was deleted, granting relief only against the penal part of the adjudication. en-us Mon, 01 May 2000 00:00:00 +0530 Thu, 19 Aug 2010 16:34:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=50079 A mere price list, without evidence of actual import transactions at those prices, was held insufficient to sustain a penalty for alleged undervaluation under Section 112 of the Customs Act, 1962. In the valuation dispute concerning imported LPG conversion kits, the penalty was not justified because the enhancement of value rested only on the price list, while the record also noted that the importer had not redeemed the goods and had suffered financial loss. The confiscation was sustained, but the penalty was deleted, granting relief only against the penal part of the adjudication. Case-Laws Customs Mon, 01 May 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=50079