2001 (8) TMI 647

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....s to the truth of the contents of the bill of entry and further subscribed to a declaration that they did not receive/did not know any other document or information showing different price, value, quantity or description of the goods. The bill of entry was assessed to duty on 4-8-1992 accepting the value declared at 65% + 45% under Heading 1515.40 CTA together with the benefit of Notification 17/91-C.E. for levy of additional duty. 2. When the goods were about to be taken delivery, DRI was in receipt of intelligence that the subject import had been undervalued with intention to evade payment of duty. Hence, the clearance of the consignment was stopped and the duplicate bill of entry was collected from the CHA. Perusal of the documen....

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.... Shri S.N. Kantawala, learned Counsel for the appellant and Shri Arun Chopra, the learned DR. 5. The data regarding the prices collected by the department relates to imports of the same item of South American origin during the contemporaneous period and the prices in respect of clearances of Formica India and Bakelite Hylam Limited, have been much higher than what has been declared by the importers in the present case. Therefore, we agree with the adjudicating authority that there is sufficient scope to doubt the correctness of the value declared as transaction value in terms of Rule 4 of the Customs Valuation Rules. We therefore hold that the transaction value as declared under Rule 4 is not acceptable and proceed to determine the ....