Appellant can adjust 'duty saved' per 'transfer release advice'; only undeclared goods face confiscation u/s 111.

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....EPCG scheme - import of machinery - undeclared ‘spares’ - The appellant is entitled to adjustment of ‘duty saved’ to the extent of the amount in the ‘transfer release advice’ and the recovery of duty, if any, is to be restricted to any excess due thereafter - Thus, only the undeclared goods valued are liable to confiscation u/s 111.....