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TMI Blog2014 (6) TMI 714X X X X Extracts X X X X X X X X Extracts X X X X ..... ble on medical equipments is also low as may be seen from the fact that the duty demand is only about 10% of the CIF value. In this type of offence, involving only attempt to evade duty and no attempt to circumvent restrictions on import redemption fine and penalty should be based on duty that would have escaped assessment and not on the value of the item. Profit margin on sale of goods is a prope ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... us Xenon Ligntsource-CLV-180 5. Olympus HDTV LCD monitor-OEV-191H The appellant declared the goods as Sample medical equipments received as Gift from a Singapore supplier, M/s. Olympus Singapore Pvt. Ltd. and did not produce invoices required for appraisement of its value. They claimed exemption of duty under Customs Notification No. 171/93-Cus for import of gifts up to value of Rs.1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ty imposed are very low considering the value of the goods involved in this case and the gravity of the offence that willful mis-declaration of value and intention to evade payment of duty. Therefore, the Revenue filed this appeal for increasing the redemption fine and penalty. 3. The Ld. AR for Revenue, submits that the fine imposed is only about 5% of the value of the imported goods, which is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of import of medical equipments. Further, the duty payable on medical equipments is also low as may be seen from the fact that the duty demand is only about 10% of the CIF value. In this type of offence, involving only attempt to evade duty and no attempt to circumvent restrictions on import redemption fine and penalty should be based on duty that would have escaped assessment and not on the valu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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