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2011 (10) TMI 450 - AT - CustomsPurchase and clearance of abandoned goods under auction by filing bill of entry - whether to be treated as re-import - Revenue entertained the view that the ship in question had crossed the territorial waters of India and as such the goods have to be considered as exported goods. It is only after crossing the territorial waters of India, the ship developed a snag and was diverted to India. It remained in the territorial waters of India for a period of ten months and thereafter the goods were salvaged and sold by the insurance company. As such it is the Revenue’s contention that the goods were exported and the subsequent clearance was by filing bill of entry and they have to be considered to be re-imported goods and liable to pay duty. Held that:- As the appellant have cleared the goods after filing a bill of entry, it has to be held in the peculiar circumstances of the case that the damaged goods were imported requiring the appellant to pay customs duty. Regarding valuation - held that:- value at which goods were sold by the insurance company to the appellant has to be treated as the assessable value and the duty has to be re-quantified accordingly.
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