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1. The issue involved in the appeal filed by M/s. Texcomash Export is whether the value of goods exported by them was overvalued by them.

2. Briefly stated the facts are that the Appellants filed a Shipping Bill (SB) No. 4462, dated 12-7-1994, under claim for duty drawback, for export of 16000/- pieces of men's shirts made of 100% viscose for export to Russia. The price declared by them was Rs. 2,48,25,878.40 and the drawback claimed was Rs. 155.16 per piece. A show cause notice dated 8-8-1994 was issued to them for denial of drawback claim and for confiscation of goods as the inquiry conducted from Shri Rajan Gupta of M/s Dress "N" Style, Vasant Place Market, New Delhi and M/s Sneh Libas, Vasant Place Market New Delhi revealed that the wholesale price of the shirt would be about Rs. 50/- to 75/- per piece and retail price would be about Rs. 90/- to 110/-. The Commissioner, Customs, New Delhi under the impugned order, directed appropriation of Rs 2 lakhs towards fine from the bank guarantee furnished by the appellants for the export of goods in question, denied the drawback to the appellants under Section 76(1) (b) of the Customs Act and imposed a penalty of Rs. 50,000/- under Section 114(iii) of the Act, holding that Shri Rajan Gupta of M/s Dress 'N' Style had specifically stated, in his opinion dated 20-7-1994, that a shirt with 100% viscose of normal finish with deor design would cost Rs. 50/- to Rs 65/-; that his retraction on cross examination was not convincing which is an after thought.