2004 (8) TMI 597

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.... for settlement of the proceedings initiated against them vide SCN No. DRI/BZU/E/21/ 2003/1172, dated 13-2-2004 issued by the DRI, Mumbai Zonal Unit. The S.C.N. alleged, inter alia, undervaluation of 28 horses imported by S.S.F. as well as 22 horses imported by C.S.A.F. and, accordingly, proposes to demand a differential duty of Rs. 1,12,68,490/- and to adjust the deposit of Rs. 1,12,33,694/- voluntarily made by S.S.F. during the investigation stage, against the aforesaid demand. The notice also proposes to confiscate the horses imported, charge interest on the duty evaded and to impose penalties on S.S.F., and the co-applicants referred to above. 2. In the application filed, S.S.F. have pleaded that though the manner of valuation a....

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....y way of discount upto 36% on the reserve price fixed at the auction. He intended that had he claimed abatements of duty on the above precedent, the abatement sought would have been more than Rs. 10 Lacs. (ii)    In respect of the 7 mares which were sold in auction, the S.C.N. proposes to demand duty on basis of the auction prices, even though they were not the buyers at the auction. However, they had accepted the demand without any hesitation for the sake of settlement. (iii)   In the case of 18 horses, the applicants voluntarily made enquiries with their foreign equine agents on the approximate values in the context of dispute in valuation, and disclosed it to the department and accepted the additional duty ....

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....mitted an amount of Rs. 1,11,41,130/-. This amount stands paid as per the S.C.N. itself. 6. On examining the applications filed and the submissions made by both the sides, we find that the applicants have disclosed their duty liability truthfully, and have also fully co-operated with the settlement proceedings by admitting even a time barred amount, and by voluntarily waiving the abatement sought for on horses not sold in auction and by enquiring about the value of 18 horses with their equine agents, and voluntarily furnishing the said information, thus paving the way for issue of S.C.N. We also find that the Mumbai Bench of the Settlement Commission in the case of M/s. The Poona Stud Farm Private Ltd. had granted full immunities co....