Customs Authority Justifies Enhanced Value of Steel Tape; Confiscation and Penalty Overturned Due to Lack of Malafide Intent.

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....Rejection of declared value by customs - import of high speed steel tape - though enhancement of value is found to be sustainable, it is clear that there is no malafide or mensrea on the part of the appellant, when it declared the value in the Customs documents and the enhancement of value is the result of the legal provisions regarding determination of the assessable value for the customs purposes – confiscation and penalty set aside - AT....