Home Case Index All Cases Customs Customs + AT Customs - 2014 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (4) TMI 339 - AT - CustomsLevy of Customs duty - Valuation – Importation of LNG - Contract price – Held that:- As per the contracts between the buyer and seller transaction value has to be calculated on the basis of the quantity of LNG discharged and Brent rate - There is no evidence on record that any amount over and above the transaction value has been repatriated by asseessee to the seller of the LNG abroad - Relied upon Mangalore Refinery & Petrochem Ltd. Vs Commissioner of Customs, Mangalore [2006 (2) TMI 518 - CESTAT, BANGALORE] Whether there would be any requirement for determination of the quantity of the goods as the basis for levy of customs duty would be the transaction value, i.e. invoice price and not the quantity – Circular No. 96/2002-Customs, dated 27-12-2002 - Amendment in circular – Levy of duty at specific rate - Held that:- Board’s Circular No. 96/2002-Customs, dated 27-12-2002 was amended to the extent where customs duty is leviable at specific rate - Wherever the customs duty is leviable at specific rate the assessment of bulk liquid cargo should be based on the determination of quantity for levy of customs duty - The European Countries are also following the valuation system based on GATT - Assessable value in the present imports was correctly determined on the basis of quantity of LNG discharged in India at the contracted price arrived at on the basis of an agreement - Accordingly, appeal filed by the Revenue is rejected – Decided against Revenue.
|