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2018 (7) TMI 1295 - AT - CustomsValuation - rejection of transaction value - Comparable goods - import of Zinc Plate from Bangladesh of irregular Shapes and Sizes - Rule 10A of CVR, 1988 - metal content in the goods. Held that:- The appellant purchased the goods from Bangladesh. The metal contents in the goods were declared to be below 90%. Test Report revealed that Metal content/purity varied between 87.2% and 88.3%. The Adjudicating authority discarded the transaction value following the rate of London Metal Exchange (LME) as reliable source in extracting the true value of the metal. It is observed by the Adjudicating authority that LME prices related to Zinc of the highest purity (99.9%) - in the present case the purity of the Zinc is 87.2% and 88.3%. Therefore, the LME price is not comparable with the impugned goods. The Tribunal in the case of Jindal Strips Limited Vs. Commissioner of Customs, New Delhi [2001 (7) TMI 170 - CEGAT, COURT NO. I, NEW DELHI] observed that LME Bulletin Prices cannot be accepted as the basis of value in absence of corroborative evidences of contemporaneous import. The LME price of Zinc having 99.9% purity is not comparable with the imported zinc consignment of less than 90% purity - there is no reason to reject the transaction value as declared by the appellant - appeal allowed - decided in favor of appellant.
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