1993 (3) TMI 104

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....s of the Import Policy 1985-88. On verification it was found by the Customs Department that the price of the bearing per piece was Rs. 1,79,631.76 and not Rs. 50,000/- as claimed by the Corporation. It was further found by the Department that the goods could not be cleared under OGL and as such the goods were liable to be confiscated under the Customs Act, 1962 (the Act). Accordingly, a show cause notice dated March 18,1988 was issued to the Corporation alleging under-valuation to the extent of Rs. 28,37,432/- and further for the confiscation of the goods on the ground of mis-declaration. The case was adjudicated by the Collector of Customs, Bombay and by his order dated July 14,1988, he enhanced the value of the imported bearings from Rs. ....

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.... on the record came to the conclusion that the Corporation had under-invoiced the price of the goods and the Collector had rightly fixed the price per bearing at Rs. 1,79,631.76. The Tribunal, thus, partially accepted the appeal of the Corporation but dismissed the same on the question of valuation of the goods. This appeal by the Corporation under Section 130E of the Act is against the order of Tribunal. 2. We have heard Mr. Soli ]. Sorabjee, learned Senior Advocate for the appellant-Corporation. He contended that the invoiced price was a result of contract between the supplier and the appellant entered into after negotiations. No special treatment was given to the appellant by the supplier. The learned counsel invited our attention to ....