2002 (1) TMI 739

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ns 111(d) and 111(m) of the Customs Act, 1962 read with Section 3(2) of the Foreign Trade (Development & Regulation) Act, 1992 with an option to redeem the goods on payment of a fine of Rs. 8.80 lakhs. He has also imposed a penalty of Rs. 80,000/- under Section 112(a) of the Customs Act, 1962 on the importer. 2. Ld. Counsel, Shri A.K. Jayaraj appeared on behalf of the appellant and submitted that they had imported the goods vide Bill of Entry No. 279372, dated 21-6-2000 for clearance of 44,000 pieces of "Panasonic video (Blank) cassettes NV-E 180 HAD" declaring a unit price of US $ 0.6 (FOB) (US $ 0.613/pc (CIF) under Invoice No. 20120, dated 20-5-2000 raised by M/s. Ibrahim Abdullah Hassan Electronics Est. Dubai, U.A.E. They had so....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e him from challenging in enhancement by way of appeal. This judgment of the Tribunal has been confirmed by the Hon'ble Supreme Court as reported in 1997 Vol. 90 Part 3 A183 and the appeal of the department has been rejected by the Hon'ble Supreme Court. Further Ld. Advocate relied on the judgment of the Apex Court in the matter of Eicher Tractors Ltd. v. CC, Mumbai as reported in 2000 (122) E.L.T. 321 (S.C.) in which it has been held that the transaction value cannot be discarded until there is contemporaneous import and it is only after the transaction value is rejected under Rule 3(ii), the value shall be determined by proceeding sequentially through Rules 5 to 8 - conversely, if the transaction value can be determined under Rule 4(1) an....