1988 (2) TMI 323

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....taining 700 reels of Audio Magnetic Tapes SMAT SK-060 and 2375 reels of Audio Magnetic Tapes of SMAT SK-C-90 by M/s. Mitusi Corporation, 9, Mango Lane, Calcutta and had declared the value at Rs. 13960.71 CIF. On scrutiny of the documents it was found that the subject goods were imported from M/s. Japan Export Button Mfg. Co. Ltd., Japan under invoice Nos. 89458 and 89459 dated 25-5-81. Description of the goods shown on both the invoices is Magnetic Tape and its country of origin is South Korea. The goods were invoiced @ Yen 115 per reel c.i.f., Calcutta. On physical examination of all the packets it was found that the goods were audio magnetic tapes containing 700 reels of SMAT SK-60 and 2375 reels of SMAT SK-C 90 as per tables on the goods....

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....king them to show cause why the goods should not be confiscated under Sections 111(d) & 111(m) of the Customs Act, 1962 and why penal action should not be taken under Section 112 of the Customs Act, 1962. The appellants had prayed for extension of time but did not file any reply to the Show Cause Notice and the learned Collector adjudicated on the basis of the material available on record and had ordered the absolute confiscation of the goods and had imposed a penalty of Rs. 25,000/- on M/s. Mitusi Corporation and a penalty of Rs. 10,000/- (Rupees Ten Thousand only) on M/s. Hind Packaging Industry, licence holder. Being aggrieved from the aforesaid order the appellants have come in appeal before the Tribunal. 2. Shri Pratic Sen, Clearing....

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....isions of Section 14 of the Customs Act. He has pleaded for the dismissal of the appeal. 4. Shri Pratic Sen in reply has again pleaded for the acceptance of the appeal. 5. We have heard both the sides and have gone through the facts and circumstances of the case. We have perused the import licence as well as the import policy. The importation is not covered by the ITC licence filed by the appellants. In terms of the provisions of Section 14 of the Customs Act wherein a duty of customs is chargeable on any goods by reference to their value, the valuation of such goods shall be deemed to be the price at which the such or like goods are ordinarily sold or offered for sale for delivery at the time of importation or exportation as the case....