TMI Blog2004 (12) TMI 423X X X X Extracts X X X X X X X X Extracts X X X X ..... B. Nair, Member (T)]. The issue relates to valuation of Nickel Cathodes imported by the appellant from Canada. The purchase order dated 14-5-99 stated as under with regard to price :- This has reference to offer dated 16th April, 99 from M/s. Metco Marketing, New Delhi and subsequent discussions/correspondence we had with them regarding import of 12 MT of Nickel 4x4 from you. We hereby pl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s price for the purpose of assessment of the imported goods and the Assistant Commissioner of Customs Group IV, New Custom House passed his order dated 12-11-99 raising the price to USD 5355 PMT. The reason for the increase is that Customs authorities adopted the London Metal Exchange price of 20-4-99, the date of contract. The appellant challenged this decision before the Commissioner (Appeals); ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orrect assessable value for the goods was the transaction value settled between the parties under their contract. Therefore, the goods were required to be assessed at the invoice price i.e. 4595 PMT. Any demand raised in excess of that is not sustainable. We, therefore, set aside the impugned order and allow the appeal with consequential relief, if any, to the appellant. - - TaxTMI - TMITax - ..... X X X X Extracts X X X X X X X X Extracts X X X X
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