2009 (2) TMI 209

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....00 with applicable rate of duty; (ii) rejected the declared value and re-determined the value of goods under Rule 5 of Customs Valuation Rule, 2007 @ US $ 804/MT based on the contemporaneous value of similar goods; (iii) ordered confiscation of the goods u/s 111(m) of the Customs Act, 1962, however giving an option to redeem the same on payment of Rs. 10,00,000/- as fine in lieu of confiscation; and (iv) imposed a penalty of Rs. 2,00,000/- on the appellants. 2. The brief facts of the case are that the appellants imported 252.04 MTs of Waste Paper Rewinder Trim Rolls of Colour and filed Bill of Entry No. 821296 dated 9-5-2008, declaring the assessable value at Rs. 41,23,927.57 and sought assessment by claiming the benefit of Noti....

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....to the fact that the demurrage charges on ten containers will be high and the appellants are agreeable to clear the consignments on the value loaded by the Customs Authorities, ordered provisional release of the consignment on payment of security deposit of Rs. 2 lakhs. Since the appellants had already executed the bond for Rs. 2,55,907/- undertaking that the impugned goods, after clearance will be used for the manufacture of paper/paper boards in the factory premises of the appellants, the Tribunal directed the Excise authorities in-charge of the factory premises of the appellants to supervise receipt of the consignment and file a report of the usage of the same for manufacturing in the factory premises of the appellants as per the terms o....