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2014 (10) TMI 753 - AT - CustomsValuation of goods - Undervaluation of goods - Determination of transaction value - Held that:- As per the Public Notice, all the importers are required to furnish the details like nature, type, quality, grade of constituent materials used for the frame, filling and upholstery of the furniture. Moreover, size, capacity, brand, model or article number is also required to be furnished. The weight of the item in kilograms irrespective of the unit quantity code and the Maximum Retail Price is also required to be declared by the importers to determine the value on the basis of contemporaneous import/similar or comparable goods is to be seen in receipt of the declaration made by the importers on the basis of consequent material only. More over furniture is an item which in normal course is sold and bought in the market on the basis of real price. We further find that particularly furniture with material filling and upholstery cannot be comparable with details of descriptions on the same with the comparable goods. Further size, capacity, brand, model are also required to be considered at the time of valuation of the goods. As both the lower authorities have failed to exercise in the absence of any similar or comparable goods available, the rejection of the transfer value is not correct. We further find that it is not the case of the department that transaction value declared by the appellant is not genuine. Accordingly, the rejection of transaction value is set aside - Decided in favour of assessee.
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