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Confiscation n penalty

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(Querist)
28 February 2015 in section 112 of customs act there is penalty on declaring highr value of goods than tge actual my ques is that why a person will declare highr value than its actual value and moreovr dept is imposing penalty on that?? thanku in advace
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RAMESH KUMAR VERMA

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RAMESH KUMAR VERMA (Expert)
10 March 2015 in the era of corruption a lot of buyer wish to evade duty and for taking the SAD refund and for fulfill the export obligation under ADVANCE / EPCG authoriosation mention higer value.

Regards,
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