2002 (10) TMI 559 - AT - Customs

Summary

The Appellate Tribunal CEGAT, Mumbai ruled in the case of M/s. Shiv Marine Industries Pvt. Ltd. where a reduction in the value of a ship purchase was disputed by the revenue department. The Tribunal found that the addendum reducing the value was not valid as it was based on a misdescription of double bottom tanks, which was not supported by the sale agreement. The Tribunal allowed the application and stayed the operation of the order related to the valuation issue.