Commissioner Of Customs, Mumbai vs M/S. Bureau Veritas And Ors

The Supreme Court upheld the Tribunal's decision regarding the valuation of the rig under the Customs Act, 1962, specifically referencing Section 111(m) for confiscation due to misdeclared value. The Court affirmed the Commissioner of Customs' determination of the rig's value at Rs. 1451,893,375, and the imposition of penalties on the assessee and associated parties. The Court clarified that the penalties were justified based on the misrepresentation of the rig's value and upheld the demand for differential duty and interest under Section 28 AB of the Act.