2001 (8) TMI 227

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....The appellant imported three containers of goods declared to be acrylic thread waste. The department assessed the two bills of entry that the appellant filed for their clearance and accepted the duty that it consequently paid. When the goods were examined it was found that the presence of acrylic fibre in considerable quantity, said to be 30% of the total. Notice issued to the appellant proposed t....

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....t paid of Rs. 3,26,863/-, confiscating the goods on payment of fine. Hence this appeal. 3. The first contention of the Counsel for the appellant is that, in the absence of any of the exceptions to Rule 4 of the Valuation Rules, the declared value has to be accepted. The invoice was for acrylic waste and the consignment contained a sizeable proportion of fibre. In that situation, where there has....