2011 (11) TMI 642 - SCH - Customs

Seizure of goods - Provisional release of seized vessel old and used Swiber Victorious - appellant has imported a vessel on Charter Hire basis and cleared duty-free import on re-export basis for Coastal run at Mumbai under Bill of Entry no. 2606686 dated 18.01.2011 by declaring assessable value of USD 23.537 million under valid Essentiality Certificate dated 12.01.2011 for execution of contractual work of petroleum operations for ONGC, exempted under Sr. no. 241 of table & list 12 of Customs Exemption Notification no. 21/2002 dated 1.03.2002 - Undervaluation.