2004 (5) TMI 344

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....stha, JDR, for the Respondent. [Order per : S.L. Peeran, Member (J)]. - The impugned order has been passed by the Commissioner of Customs, Cochin determining the assessable value of the imported old Car, model Toyota Lexus Saloon, to an extent of Rs. 12,08,633/- besides imposing fine of Rs. 10,00,000/- and penalty of Rs 1,00,000/- for having contravened the conditions of ITC policy for impor....

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.... the valuation of the Car was not disclosed to the appellants. He also relies on the value of the car as found in the internet 'YAHOO ! Autos'. He submits that that the correct valuation has to be adopted. He also submits that the depreciation of 28% as given in the calculation, is without disclosing the reason as to why it was 28%. The method of valuation has not been indicated. He, therefore, su....

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....        The High Court of Judicature, Madras in case of Bharwani v. Collector of Customs, Madras - 1995 (79) E.L.T. 402 (Mad.) (ii)       The Supreme Court in case of Collector of Customs, Bombay v. Super Fasteners - 1996 (88) E.L.T. 22 (S.C.) (iii)      The Tribunal's Special Bench in case of Poonam Le....