https://www.taxtmi.com/caselaws?id=51932 The Tribunal determined that the rig, brought into Indian waters for repairs, lost its status as a foreign going vessel and was not subject to importation duties, as it was not intended for home consumption. Consequently, no duty was payable, and the rig's valuation for duty purposes was irrelevant. While the rig was liable for confiscation due to regulatory non-compliance, the Tribunal acknowledged the absence of deliberate intent to evade duty. The redemption fine was reduced from Rs. 2 crores to Rs. 10 lakhs, and penalties on the importer and employees were dismissed. The towing vessel's confiscation was upheld, with a reduced redemption fine of Rs. 50,000. en-us Mon, 30 Jun 2003 00:00:00 +0530 Sat, 27 Jul 2024 13:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=51932 The Tribunal determined that the rig, brought into Indian waters for repairs, lost its status as a foreign going vessel and was not subject to importation duties, as it was not intended for home consumption. Consequently, no duty was payable, and the rig's valuation for duty purposes was irrelevant. While the rig was liable for confiscation due to regulatory non-compliance, the Tribunal acknowledged the absence of deliberate intent to evade duty. The redemption fine was reduced from Rs. 2 crores to Rs. 10 lakhs, and penalties on the importer and employees were dismissed. The towing vessel's confiscation was upheld, with a reduced redemption fine of Rs. 50,000. Case-Laws Customs Mon, 30 Jun 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=51932