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Issues involved: Misdeclaration of value in import of computer parts, rejection of transaction value, confiscation of goods, imposition of penalty.
Summary: 1. The case involved M/s. Y2K International importing Mother Boards and Daughter Boards at a declared value lower than contemporaneous import prices. Investigation revealed consistent misdeclaration of value in multiple consignments. The importers defended the declared value as per Section 14 of the Customs Act, 1962. 2. A show-cause notice proposed rejection of transaction value, fixation of unit value for Mother Boards and Daughter Boards, and demanded differential duty. The Commissioner accepted declared values for some consignments but held others liable for misdeclaration, imposing penalties on the importer and partners. 3. The Appellate Tribunal rejected the importers' argument that transaction value could not be rejected without specific circumstances. It found the declared price did not reflect the actual market price, citing fluctuating prices, comparable imports, and the apex court decision in Radhey Shyam Ratanlal case. 4. The contention that contemporaneous import prices were not comparable due to quantity and origin was dismissed for lack of evidence. The challenge on time-bar grounds was rejected due to misdeclaration of goods in multiple Bills of Entry. 5. The Tribunal upheld the order of confiscation, re-determination of value, and imposition of penalties but reduced the penalty on one partner. The appeals were partly allowed with a reduction in penalty for one partner. Judgment: Appeal No. C/249/2002 was dismissed, while Appeal Nos. C/250 & 251/2002 were partly allowed with a reduction in penalty.
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