https://www.taxtmi.com/caselaws?id=53200 The Tribunal set aside the confiscation under Section 111(d) of the Customs Act, 1962, and the fine of Rs. 95,000 imposed on the importer for importing goods below the prescribed floor price due to exchange rate fluctuation. The Tribunal condoned the shortfall in the floor price caused by exchange rate fluctuation, emphasizing the importer's genuine intentions and the significant impact of exchange rate fluctuations on import valuation. The redemption fine was also set aside, considering the expenses incurred by the appellant and the overall circumstances of the case. The appeal was allowed in favor of the importer. en-us Fri, 10 Sep 2004 00:00:00 +0530 Mon, 11 Oct 2010 15:35:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=53200 The Tribunal set aside the confiscation under Section 111(d) of the Customs Act, 1962, and the fine of Rs. 95,000 imposed on the importer for importing goods below the prescribed floor price due to exchange rate fluctuation. The Tribunal condoned the shortfall in the floor price caused by exchange rate fluctuation, emphasizing the importer's genuine intentions and the significant impact of exchange rate fluctuations on import valuation. The redemption fine was also set aside, considering the expenses incurred by the appellant and the overall circumstances of the case. The appeal was allowed in favor of the importer. Case-Laws Customs Fri, 10 Sep 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=53200