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2016 (11) TMI 172 - CESTAT MUMBAIValuation - 24.030 MT of ‘unwrought, unalloyed electrolytic nickel cathodes’ - assessable value - enhancement of declared price of of US $ 7055 per MT to US $ 8420 per MT - London Metal Exchange - Held that: - the decision in the case of Eicher Tractors Ltd v. Commissioner of Customs, Mumbai [2000 (11) TMI 139 - SUPREME COURT OF INDIA] relied upon where it was held that rejection of declared value with valid reasons to be a pre-requisite for sequential application of rule 5 to rule 8 before arriving at the assessable value. The difference in approach between the earlier and later Rules finds a significant place in the judgement - The impugned order has not followed the prescriptions laid down in the prevailing Rules as detailed in the decision in Eicher Tractors Ltd for enhancement of assessable value. Therefore, the upward revision is without authority of law. Duties of customs on the said import shall be levied on the declared value - appeal allowed - decided in favor of appellant.
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