2014 (6) TMI 848

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..... ecord i.e. the chartered party agreement the actual freight rate is at the US$ 27 PMT. The adjudicating authority in para 18.3 also gave a finding that for the purpose of receiving proceeds for goods the applicant made parallel agreement showing lower freight rate. The applicants received the remittance as per the actual agreement according to which the freight is actually US$ 27 PMT. In these cir .....

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..... ication for waiver of pre-deposit of penalty of Rs.2,00,000/- imposed under Section 114(AA) of the Customs Act, 1962. The applicant made export of Iron Ore Fine and Lumps and declared the freight at the rate of US$ 45 WMT whereas the actual freight as rate of US$ 27 PMT. The case of the revenue is that the applicants shown higher freight rate to suppress the value of goods for the purpose of Custo .....

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..... wer freight rate. The applicants received the remittance as per the actual agreement according to which the freight is actually US$ 27 PMT. In these circumstances, prima facie the applicant had not made a case for waiver of pre-deposit of duty. The applicants M/s. Twenty First Century Iron Steel Ltd. are directed to deposit an amount of Rs.11,18,700/- within a period of eight weeks. On deposit o .....

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