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2013 (12) TMI 1092 - CESTAT NEW DELHIValuation - Whether for picking up the value of new car from the parker's car guide, the element of VAT is required to be taken into consideration or not - Held that:- no VAT was paid by the appellant at the time of purchase of second hand car and no such claim stands made by the appellant. The question is as to whether for arriving at the correct assessable value of the second hand car based upon the value of the new car as reflected in the Parker's guide, the element of VAT is to be included or not - appellant has produced on record certificate from the parker's guide that price of the new cars listed in the guide are recommended retail price which are inclusive of VAT and car tax. Further evidence stand placed on record that VAT during the relevant period in 1986 was 15%. As such according to declaration of law by the Tribunal, the value of new car which is required to be picked up for arriving at the value of second hand car on the basis of determination of formula has to be value exclusive of VAT of 15%. As such, we agree with the appellant appearing in person that the value of car imported by him is required to be reassessed accordingly - Decided in favour of assessee.
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