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2016 (9) TMI 565 - AT - CustomsForeign Going Vessel - Conversion of vessel to coastal run – ship stores inventorised at the time of conversion – consumption of provisions during coastal voyage – inclusion of local purchase of the quantity of 193.03 MT of fuel in the opening inventory of 678.22 MT of fuel oil – ascertainment of the total quantity of fuel oil consumed during the coastal run – Held that: - local purchase of the quantity of 193.03 MT of fuel oil is to be included in the opening inventory of 678.22 MT of fuel oil - resultant duty liability on the net quantity of fuel oil Viz., 379.22 MT could be fastened on the appellants - demand of duty justified. Valuation – Held that: - the Commissioner has adopted a very just and fair reasoning with regard to ascertaining the assessable value of imported fuel oil lying in the foreign bunkers for finalisation of the provisional assessment. The adjudicating authority had taken contemporaneous price of identical goods of which the bunkers were supplied to the same class of buyers during material period. This is the correct and proper manner for finalization of the assessment. Appeal dismissed – decided against appellant revenue.
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