K.S. Venkataramani, Member (T)

1. This is an appeal directed against the order dated 22-3-1989 passed by the Additional Collector of Customs, Madras by which he had ordered confiscation of 54.67 M.T. of Copper Dross under Section 111(m) of the Customs Act, 1962 giving the option to redeem the same on a fine of Rs. 1,00,000/- in lieu of confiscation. He also ordered enhancement of assessable value to £ 446.5 per M.T. FOB as against the declared value of US $ 550 per M.T. CIF. The Additional Collector further imposed a penalty of Rs. 25,000/- under Section 112 of the Customs Act, 1962.

2. The facts in brief are that the appellants imported the above consignment of copper Ash/Dross for which they filed a Bill of Entry dated 30-12-1988. The value of the consignment was declared at Rs. 4,36,981/- based on the Invoice value in US $ under Invoice No. 6288 dated 2-11-1988 raised by M/s. Sriji Enterprises, USA. The unit price was declared at US $ 550 M.T. CIF as per Invoice. On import the goods were examined and sample therefrom subjected to laboratory test and as a result the goods were found to be Copper Dross (60% Copper Metallics). As regards the value declared of the goods the depar