2008 (1) TMI 236

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....d (Rs.)   No. Date         1. 7330 18-8-97 Glue Stick Grade 705 10000 1,45,193/- 81,770/- 2. 10245 7-4-98 -do- 7500 1,19,250/- 71,423/- 3. 11160 28-7-98 Glue stick Grade 705 11375 2,03,239/- 1,21,726/- & Glue Gun TG-05 2400 (pcs.) 66,924/- 33,459/- The unit price declared is as under: S.No. Description of Goods Unit price declared in US$ 1. Glue Stick 705 WT     11.2 mm x 30cm US$0.40 /Kg   11.3 mm x 30cm - do-   7.4 mm x 8 inch US $ 0.50/Kg   7.4 mm x 20 cm -do-   7.4 mm x 10 cm -do- 2. Glue Gun TG-05 US $ 0.65/Pc ....

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....ice was adjudicated by the Commissioner who enhanced the value of Glue stick Grade 705 to US $ 2.10 per kg., and the value of Glue Gun TG-05 to US $ 2.90 per piece under Rule 5 of the Customs Valuation (Determination of Price of Imported Goods) Rules, 1998 read with Section 14 of the Customs Act, confirmed duty of Rs. 12,19,908/- under the provisions of Section 28(2), appropriate levy of interest under Section 28AB, held that the imported goods liable to confiscation under Section 111(m) and imposed penalty of amount equal to duty, on the proprietor of M/s. Mihir Enterprises under the provision of Section 114A of the Customs Act, 1962. Hence these appeals. 4. We have heard both sides. The insurance memos cannot be relied upon for the pur....