2001 (3) TMI 503 - AT - Customs

Summary

The Appellate Tribunal CEGAT, Mumbai allowed the appeal, setting aside the Commissioner (Appeals) order and restoring the Additional Collector's order. The Tribunal found that the prices of imported integrated circuits were undervalued, but disagreed with the 60% discount applied by the Commissioner (Appeals). The Tribunal ruled that no discount was permissible as the price list used was not a mail order catalogue. The reduction in redemption fine and penalty was also set aside.