- (1.) A total of 959.515 mts. of copper wire bars (electrolytic grade) at a total declared value of 5,08,58,131. 05 CIF Calcutta was alleged to be grossly undervalued by the authority. The port of shipment of the goods as evident from the bills of entry was Rotterdam.
(2.) Acting on information that the value of the goods was under invoiced and that benefit of Notification 203/92-Cus is not available to the goods inasmuch as the original licence-holder-VSP has availed of Modvat credit of duty on inputs used for manufacture of the export product, investigations were carried out by Customs Officers pursuant to which a show-cause notice dated 17/4/1995 was given to the respondents.
(3.) The authorities concerned confiscated the goods and consequently a Fine of Rs 3 crores in lieu of confiscation and penalty of Rs 2 crore were a imposed on the proprietor Navneet Kumar.;