1999 (8) TMI 236 - AT - Customs

Summary

The appeal dealt with the valuation of imported tung oil. The Department proposed a higher value than declared by the appellant, leading to confiscation of goods. The Tribunal rejected the higher proposed value, considering similar imports at lower prices. The Tribunal valued the goods at US $ 2125 per M.T. C&F and reduced the redemption fine to Rs. 75,000. Penalty remained unchanged.