2015 (8) TMI 671 - SCH - Customs

DEPB - Mis-declaration of value - purchase price was less than the DEPB claim - Confiscation, penalty and fine - Tribunal by impugned order reported in 2004 (6) TMI 232 - CESTAT, NEW DELHI confirmed penalties and redemption fines upon Assesse - Supreme court after hearing counsel for parties at length and going through records held that authorities rightly determined purchase market value (PMV) at same rate at which assesse had made purchase from market - Since PMV was less than price at which DEPB benefit was to be allowed, there was no need for interference in tribunals order.

Summary

The Supreme Court upheld the authorities' decision to determine the purchase market value (PMV) at the same rate as the appellant's purchase. The PMV was found to be less than the price for DEPB benefit, leading to the dismissal of the appeals.