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2018 (5) TMI 449 - AT - CustomsValuation - rejection of declared value - Such rejection has been ordered on the basis of market enquiry as well as the opinion regarding such local market value by CMFRI - Held that: - In the present case, we note that the transaction values have been rejected only on the basis of a market enquiry carried out with a trader and on the basis of the inputs given by CMFRI. The Principal Scientist of CMFRI has deposed in the cross examination that the prices indicated by them were on the basis of enquiries made in the local market. The CBEC vide Circular No. 56/2002-Cus. dated 09.09.2002 has directed that the present market value shall be the basis for granting DEPB benefit. But we are of the view that such a situation cannot be used to reject the transaction value. The circular can only be used for calculating/restricting the DEPB benefit. The evidence gathered by the department can at best raise doubt about the declared value. But such evidence cannot be used to reject the transaction value and redetermine the same in the case of the present case - confiscation and penalties set aside - appeal allowed - decided in favor of appellant.
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