9911796707
TMI Blog1983 (11) TMI 276X X X X Extracts X X X X X X X X Extracts X X X X ..... per appreciation of the issues involved in the present appeal, it would be useful to briefly narrate the facts of the case. A contract was entered into between The Minerals & Metals Trading Corporation of India (MMTC), hereinafter called the Buyer, and M/s. Empresa Minera Del Peru (MINERO-PERU), hereinafter called the Seller, and this contract is dated 6-3-1972. As per the terms of the contract, the seller was to supply to MMTC Electrolytic Copper Wire Bars corresponding to ASTM B5/43 specifications. The price clause is also relevant and is reproduced below :- * * * &emsp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... emsp; * * * The price of £ 474.91 per MT adopted for the quantity of 500.000 MT was not accepted for assessment purposes by the lower authorities, but the price of the balance quantity of 499.923 MT was, however, accepted. For the quantity of 500.000 MT referred to earlier, the appraised value was enhanced to £ 630.76 per MT. This was done, as per the submissions made by the learned representative of the respondent, in accordance with the stipulations of the contract dated 6th March, 1972 i.e., with reference to the average price for the goods prevailing in September, 197 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lants have no special relationship with the foreign suppliers of the goods, and all relevant documents pertaining to the transaction in 1983 were made available to the Customs authorities. He, therefore, submitted that the contract price should be as mentioned in the invoice, which correctly reflected the actual value of the goods under the Act, and the action of the lower authorities was justified in enhancing the same. 6. It is pertinent to observe that in the same lot, which had arrived by the same vessel, two prices were shown in the invoice as they related to two different periods. So far as the higher price of £ 1,021.10 per MT for 499.923 MT was concerned, that was accepted by the Customs authorities, but regarding the qu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nce had there been any other contemporaneous import of the like goods at the same time. However, in the present case, there is no dispute between the two parties that at the relevant time there were no contemporaneous imports of the like goods, and therefore, the only criterion for determination of the value was the value of the goods which had been imported by the appellants. Further, value thereof had been stipulated by virtue of a contract, the validity of which cannot be questioned. 7. Shri Ohri has drawn our attention to Tribunal's decision reported vide 1983 ECR 156 D(CEGAT) M/s. Minerals & Metals Trading Corporation (India) Ltd., Madras v. The Collector of Customs, Madras = 1983 E.L.T. 364 (CEGAT). The terms of the contract in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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