2003 (11) TMI 503

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....ondent. [Order per : Jyoti Balasundaram, Member (J)]. -  The applicants seek waiver of pre-deposit of penalty of Rs. 8 lakhs imposed upon the importer and Rs. 2 lakhs upon its Managing Director. Penalties have been imposed for the reason that M/s. Vipin Enterprises undervalued Zinc Ingots imported by them in December, 1998 - they declared unit price of US $ 510 PMT totaling Rs. 28,98,256.87....

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....he fact that the purity of zinc imported contemporaneously by M/s. Jindal Iron and Steel Company was 99.97% which is the same purity of the zinc imported by the applicants herein and therefore, the Commissioner has correctly concluded that the zinc imported by both the importers was identical and has hence correctly loaded the value at approximately US $ 1500 PMT. 4. On hearing both sides, w....