Customs Penalty of ₹1.57 Cr Quashed as Department Ignored Assessee’s Valuation

Amit Bhutoria Vs Commissioner of Customs (CESTAT Kolkata)

The Customs, Excise and Service Tax Appellate Tribunal Kolkata allowed the appeals filed by a government-approved valuer challenging penalties imposed under Sections 112(a)(iii) and 114AA of the Customs Act, 1962. The penalties arose from an investigation initiated by the Directorate of Revenue Intelligence into alleged over-invoicing of imports declared as rough and semi-precious stones, purportedly to facilitate trade-based money laundering. The appellant was accused of conniving with importers and others

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