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2013 (11) TMI 1228 - AT - CustomsValuation of goods - Mis declaration of goods - Reduction in value of goods - Held that:- there was a genuine cause for reduction in the price of the imported vessel and the seller was also convinced that there is need for reduction in the price earlier agreed and accordingly accepted the lower price negotiated between the seller and the appellant. Section 14 of the Customs Act, 1962 also talks of the price which is either paid or payable to the seller. In this case, both the amounts paid and payable as per addendum dated 08.12.1997 was US $ 929388.60. It will be improper if importer is asked to pay customs duty as an amount more than what was the consideration for the transaction. There was a genuine reason for reduction of the price on certain facts which came to the knowledge of the appellant after importation. The actual transaction value paid as per the addendum dated 08.12.1997, is genuine and is required to be accepted for assessment purpose in the case of the appellant - Decided in favour of assessee.
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