https://www.taxtmi.com/caselaws?id=53265 The Tribunal upheld the Commissioner's valuation of imported Korean Fabrics at US $1 per meter, rejecting the Revenue's appeal for a higher value of US $2.4 per meter. It was determined that the goods were misdeclared as velvet cloth when they were actually knitted cut pile fabrics, leading to an inaccurate comparison with similar goods. The Tribunal found no justification for interfering with the Commissioner's order, stating that the enhanced assessable value did not justify confiscation of goods or imposition of a penalty for misdeclaration. The Revenue's appeal was dismissed. en-us Wed, 04 Feb 2004 00:00:00 +0530 Mon, 11 Oct 2010 18:10:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=53265 The Tribunal upheld the Commissioner's valuation of imported Korean Fabrics at US $1 per meter, rejecting the Revenue's appeal for a higher value of US $2.4 per meter. It was determined that the goods were misdeclared as velvet cloth when they were actually knitted cut pile fabrics, leading to an inaccurate comparison with similar goods. The Tribunal found no justification for interfering with the Commissioner's order, stating that the enhanced assessable value did not justify confiscation of goods or imposition of a penalty for misdeclaration. The Revenue's appeal was dismissed. Case-Laws Customs Wed, 04 Feb 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=53265