Financer Not Liable for Import Undervaluation Penalty Without Proven Involvement: CESTAT Kolkata

Rakesh Magoo Vs Commissioner of Customs (Port) (CESTAT Kolkata)

Financer not liable for penalty for undervaluation of imports unless involvement proved in commission of offence: CESTAT Kolkata

In the case Rakesh Magoo vs. Commissioner of Customs (Port), the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) Kolkata addressed the issue of a penalty imposed on Rakesh Magoo under Section 112(a) of the Customs Act, 1962. Magoo had acted as a financier for imports made by three firms allegedly controlled by Jitin Arora. These firms were accused

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