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2011 (1) TMI 604 - CESTAT, AHEMDABADTransaction value - modifying the earlier memorandum of agreement - purchase of vessel MV WESTMED - the price actually paid to the foreign supplier is the transaction value as per Rule 4(1) of Valuation Rules and the same has to be accepted under Rule 4(2) of the said Rules - the issue is no more res-integra it stands held in the respondents own case reported as Commissioner of Customs, Bhavnagar Vs. Mahavir Ship Breakers reported in 2009 (234) ELT 176 (Tri. Ahmd.) that the reduction in the transaction value after the import of the vessel by modifying the earlier memorandum of agreement is not acceptable for the purpose of reducing the price - Decided against the assessee.
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