2011 (7) TMI 371

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..... tion cannot be arrived at on the basis of a statement and that the importer had produced copies of correspondence to show proof of the negotiated prices and relied upon the NIDB data showing lower contemporaneous price for some of the items - Held that:- there is a clear acceptance by Shri Suresh that he had undervalued the goods - There is no reason to interfere with the impugned order as regards .....

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..... of Shri R.Suresh, Proprietor of the appellant but also on the prices shown in the NIDB data. Although the learned counsel vehemently contends that valuation cannot be arrived at on the basis of a statement and that the importer had produced copies of correspondence to show proof of the negotiated prices and relied upon the NIDB data showing lower contemporaneous price for some of the items, we fi .....

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..... dervaluation are distinguishable as in the present case there is a clear acceptance by Shri Suresh that he had undervalued the goods. In this view of the matter we see no reason to interfere with the impugned order as regards confiscation. However, having regard to the fact that the value of the confiscated goods is about Rs.4.30 lakhs, we reduce the fine in lieu of confiscation to Rs. 2 lakhs and .....

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