2004 (8) TMI 585

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....he Respondent. [Order per : S.S. Sekhon, Member (T)]. -  After hearing the ld. DR, the respondent being absent, and on considering that revenue is aggrieved against the order of CC (Goa) in having ordered the confiscation of a lot of 175 old and used diesel engines imported vide BE/99/21-7-1997 under Section 111(d) and offering a redemption fine of Rs. 15 lakhs on the value accepted of ....

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..... 2. It is found (i) that the importers had declared a value of Rs. 13,80,623/- and the departmental approved surveyors valuer/engineers had recommended a value of Rs. 14,84,800/-. That value cannot be challenged on the grounds that valuation has not been arrived at by depreciation method. When year of manufacture is admitted not known, the depreciation method involving period on years can....