TOOLSIDASS JEWRAJ vs ADDITIONAL COLLECTOR OF CUSTOMS AND OTHERS

The Supreme Court upheld the confiscation of goods and penalties imposed on the appellant firm for undervaluation in violation of Section 12(1) of the Foreign Exchange Regulation Act, 1947, and Section 167(8) of the Sea Customs Act, 1878. The Court found that the firm attempted to remit profits by declaring a lower export value, which constituted an offence under the cited statutes. The Division Bench of the High Court was correct in distinguishing prior decisions and affirming the Central Board of Revenue's order, thus dismissing the appeal.