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2022 (3) TMI 870 - AT - CustomsValuation of imported goods - rejection of declared value - enhancement of value - evidence of any contemporaneous imports at a higher price or not - HELD THAT:- It is settled principle of the commercial transactions that the prices of the transacted goods can be determined only on the date of transaction and not on any other date whether previous or subsequent. The prices may fluctuate on account of the vagaries of market but the contractual price agreed upon by the contracting parties would be sacrosanct unless the contract provides so. The contractual price entered between the parties need to be tested against the prevailing market prices on the date of contract rather than any subsequent price. The Appellant's contract was entered into on 19-1-2012 and the goods were shipped in March 2012. The contract price was US $ 713 per M.Ton. The appraisal price given in Metal Bulletin dated 30.01.2012 for production and exports of March 2012 of Chinese Mills, was in the range of US $ 685-695. Thus the Appellant's price was even higher than the appraisal price given in the Metal Bulletin of January 2012 for production and export of March 2012. The London Metal Bulletin prices of subsequent date 26.03.2012 giving the appraisal price for production and exports of May 2012 to be in the range of US $ 715 to 730 per MT, cannot form the basis of enhancing the value and for rejecting the transaction price. Appeal allowed - decided in favor of appellant.
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