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TMI Blog2008 (11) TMI 475X X X X Extracts X X X X X X X X Extracts X X X X ..... the Respondent. [Order per : Jyoti Balasundaram, Vice-President]. - The respondent herein filed bill of entry for clearance of second-hand machinery namely 'Strojosvit Splitting Machine' and 'Rizzi Shaving Machine' covered by invoice dated 3-6-2004 of the supplier at Switzerland against EPCG licence dated 13-8-2004. The assessable value of the machine was declared as Rs. 22,38,935/-. The Depar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the importers the Additional Commissioner confiscated both the machines namely 'Shaving Machine' under Section 111(d) and 'Splitting Machine' under Section 111(m) with an option to the party to redeem both the machines on payment of redemption fine of Rs. 5,00,000/- and imposed a penalty of Rs. 8,73,461/- on the importers. The importers preferred an appeal before the Commissioner (Appeals) who vid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stance in the argument of the revenue against the validity of the import of splitting machine and we therefore upheld the order of the Commissioner (Appeals) in this regard. However, when we come to the value of the 'splitting machine' we find that the Chartered Engineer has given the value of the machine in the year 1996 as Euro 55000 and as also certified that the CIF value of new machiner ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cannot exceed the above amount. We, therefore, reject the transaction value of the splitting machine and hold that the value thereof is Euro 32000 (the question of depreciation does not arise). "Since a case of misdeclaration of the value has been made out, we uphold the confiscation of the splitting machine. Redemption fine is fixed at Rs. 1,50,000/- as we have taken the value of the machine as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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