Accordingly, the appropriate
authority has concluded that there is significant undervaluation of
the subject property by 39.92 per cent. Likewise, if the sale
instance ... submitted her reply on 13th Feb.,
1993, contending that there was no undervaluation in the sale
transaction in question and that the suit property
credit and it was also alleged
that M/s P.S had undervalued their goods. On the basis of the chart, it was
found that ... which tally with invoices except gross value. It has
been alleged undervaluation and duty of Rs. 28,13,716/-
demanded.
6. It has been alleged
view of this position, there is no doubt
that the respondent have undervalued the imported Opal ware hence, the
impugned order setting aside the demand ... original. In the earlier appeal, the issue of mis-classification and
undervaluation was involved. The Tribunal in the earlier appeal No. C/485-
486/2008
Curshers seized on
20.04.2010 on the ground of misdeclaration of size and undervaluation. It
is her contention that the order was placed 8 months back ... price was lesser and there is no investigation was conducted to allege
undervaluation and to ascertain the fact that whether M/s AAR Kay
received
made by the AO on account of undervaluation of raw material-
Steel.
2. Whether in law and on facts & circumstances of the case ... additions of Rs.6628/- made by
the AO on account of undervaluation of raw material-Zinc
2
ITA No.208/Rpr/2012
Assessment Year
Arcelormittal India Private Limited vs Satish Kumar Gupta on 4 October, 2018
Equivalent citations: AIR
sufficient to
reject it as evidence of value of imported goods. Undervaluation
has to be proved. If the charge of undervaluation cannot be
supported either ... doubt must go to the importer. If the
Department wants to allege undervaluation, it must make detailed
inquiries, collect material and also adequate evidence. When
them as
under :-
a. Disclosure of Rs 3 Crores on account of undervaluation
of closing stock
b. Disclosure of cash of Rs. 1.34 Crores ... Page 26 of 44
disclosure of Rs 3 Crores on account of undervaluation of
stock of artwork, painting and sculptures, She has given her
reply
ceramic tiles situated at Morbi that some information was gathered about
undervaluation of products sold as also the raw-materials consumed. Based on this
information ... Whether the appellants mentioned in Para 5.1 and 5.2 have indulged in
undervaluation of frit and also clandestinely cleared frit as per a personal
ledgers
made by the AO on account of
undervaluation of closing stock.
10. The assessee in its balance sheet has shown the closing stock ... stock. Therefore the AO was
of the view that the assessee has undervalued its stock by Rs. 44,00,000/.
Accordingly, the AO made
