2017 (8) TMI 52

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.... that why penalty to the extent of 40% of value of goods be not imposed upon the assessee under Section 54(1)(14) of the Act. The notice was contested by the revisionist stating that there was no undervaluation and that for import of Big Cardamom, the custom authorities stationed at Nepal Border had examined all materials and records, and no infirmity was found. It is also stated that value had to be ascertained from the place where transaction had taken place, and that the authorities were not justified in determining the valuation of goods by getting its price ascertained from other places i.e. Kanpur, Lucknow etc. The objection nevertheless has been rejected by the authorities and have been affirmed by the Tribunal. Thus aggrieved, asses....

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.... of the value of goods prevalent at the relevant time in local market area where the said transaction had taken place, with intention to evade payment off tax;" 5. Sub-section 5 of Section 48 confers jurisdiction upon the authorities to impose penalty, in case ingredients of Section 48(1) of the Act are made out. Sub-section 5 of Section 48 reads as under:- "48(5). If such authority, after taking into consideration the explanation, if any, of the dealer or, as the case may be, the person-in-charge and after giving him an opportunity of being heard, is satisfied that the said goods were omitted from being shown in the accounts, registers and other documents referred to in sub-section (1) or not traced to any bona fide dealer or not properl....

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....vading payment of tax on sale of -(a) such goods; or(b) goods manufactured, processed or packed by using such goods; or(ii) transports, attempts to transport any taxable goods in contravention of any provisions of this Act. 40% of the [value] of goods. 21-B. Where the dealer or any other person, as the case may be, has issued or received any tax invoice or sale invoice or any other document pertaining to value of goods, as the case may be, containing value of goods undervalued to the extent more than fifty percent of the value of goods prevalent at the relevant time in the local market area where the transaction has taken place, with intention to evade payment of tax. 40% of the value of goods.   7. Admittedly, in the facts of th....