M/S Mahahar Audiotronics Pvt.Ltd vs Union Of India on 27 July, 2010
(supra) and Kamat Printers Pvt. Ltd. (Supra) that the
Settlement Commission must also pass orders in accordance with
the provisions of the said Act, as provided for in sub section 7 of
Section 127C of the said Act. It therefore follows that in settling the
case of under valuation, the Settlement Commission is also required
to determine the duty liability by adopting the lowest value in terms
of Rule 5 and Rule 6 of the Valuation Rules. The Settlement
Commission cannot ignore and/or overlook the provisions of Rule 5
and Rule 6 of the Valuations Rules. Reference to Section 127-I is
irrelevant in the facts and circumstances of the present case as the
Petitioners have already deposited the entire additional admitted duty
liability including the sum of Rs. 3 lacs being liability in respect of 7
Bills of entry in respect of which no export declarations are available.