COMMNR. OF CUSTOMS (IMPORT), RAIGAD vs M/S. FINACORD CHEMICALS (P) LTD. .

The Supreme Court addressed the appeals concerning the undervaluation of imported goods under the Customs Act, specifically examining the validity of the price declared by the respondents. The Court held that the CESTAT's acceptance of the respondents' declared price of UK pound 1.40 per bulk litre was justified, and it upheld the Tribunal's decision to reduce the penalties imposed by the Collector of Customs. The Court affirmed the CESTAT's findings regarding the unauthorized importation while modifying the penalties, thereby allowing the appeals in part.