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Issues:
1. Eligibility for importing the car under ITC Public Notice No. 202/92-97 2. Correctness of valuation 3. Quantum of fine and penalty Eligibility for importing the car under ITC Public Notice No. 202/92-97: The appellant imported a car without a license and contested that it was gifted by a Director of a foreign company in which they had a share. The Public Notice specified conditions for importing vehicles, requiring payment by the foreign company holding equity in the Indian company. The Tribunal affirmed that the appellant did not meet this criterion as the foreign company did not hold equity in the Indian company, leading to the conclusion that the import without a license was irregular. Correctness of valuation: The appellant raised concerns about the valuation, arguing that certain items were incorrectly included in the calculation. They cited Tribunal orders and exchange rate discrepancies to support their claim. The Tribunal agreed with the appellant, stating that only the freight from Germany to New Delhi should be considered for valuation, not from Germany to the United States. Additionally, the correct exchange rate as of the Bill of Entry date was deemed necessary for accurate valuation. Quantum of fine and penalty: The Commissioner imposed a fine and penalty, allowing the importer to redeem the car on payment. Considering the modification in valuation, the Tribunal reduced the fine in lieu of confiscation and the penalty to Rs. 1,50,000 and Rs. 50,000, respectively. This adjustment was based on the circumstances of the case and the valuation modifications directed by the Tribunal. As a result, the appeal was partially allowed with the revised quantum of fine and penalty.
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