TaxTMI 
TaxTMI 
2004 (7) TMI 463
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....ondent. [Order per : S.S. Sekhon, Member (T)]. - The appellant has been imposed a penalty under Section 112(a) the Customs Act, 1962 and the appeal against them. 2. After hearing both sides and considering the material it is found - (a) The Commissioner arrived at the following -    "It can be seen that the fact regarding undervaluation has been accepted by Shri....
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....sions before the investigating Officer and reject the subsequent retraction as an after thought." Therefore the appellant has been imposed a penalty of Rs. 1,50,000/- under Section 112(a) of the Customs Act. (b) After appreciating the role of the appellant herein, it can be safely concluded that his interest in ....
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...., there was no specific material thereafter to find liability on the financier, the appellant herein, without identifying and arriving at the specific acts under Section 112(a) on the appellants part. 2. Since the confiscation of the goods imported has been held to be only under Section 111(m) and the appellant had no role to play as regards the declarations to be made on the 'entry' as pres....