TMI Blog2015 (4) TMI 163X X X X Extracts X X X X X X X X Extracts X X X X ..... ingle shipping Bill No. 8341080 dtd. 09-04-2010, when exchange rate reduced to ₹ 45 per US $ due to this reason, the difference in ARE-1 value and FOB has occurred. Government notes that CBEC has clarified in circular No. 510/06/2000-Cx dtd. 03-02-2000 that there is no question of requantifying the amount of rebate by applying same other rate prevalent to subsequent the date to which duty was paid. In this case applicant has stated the different in ARE-i value and FOB value is due to difference in foreign exchange rates. This pleading is not examined by lower authorities. This factual position is required to be verified by the original authority, and if said contention is found correct, then rebate claims cannot be reduced as clarifie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Total 182102 7540 It is contended in the appeals that the value declared in the ARE-1 was more than the value declared in the Shipping bills. The value declared in the ARE-1 was more, which was not the correct transaction value and the duty amount paid on the said excess value was not admissible as rebate. The transaction value as per Section 4 of Central Excise Act, 1944 is the value at which goods are sold but does not include freight and insurance. The Commercial invoice value is the value at which goods are sold. Therefore, the value after deducting freight and insurance from commercial i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 400/09-10 dtd. 22-02-2010 they have removed the goods from the factory of manufacturer in the month of February 2010 and we have prepared ARE-1 @ 22 per 10 X 10. However the CIF rate is USD 0.5 per 10X10 and the exchange rate in the month of February was ₹ 45.70 per USD therefore CIF rate arrives ₹ 22.85 per 10X10 and the rate in ARE-I is 22.00after deducting the freight and Insurance 0.85 per 10 X 10. But the said goods were exported in the month of April 2010 vide shipping bill No. 8341080 dated 09-04-2010 while the exchange rate for US Dollar is reduced to ₹ 45 which cause straight decline in the rate of US Dollar and the difference between FOB value and assessable value of ARE-1 occurred. 43. Due to big fluctuatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... de both AREs-1 could be exported only in the month of April 2010 vide single shipping Bill No. 8341080 dtd. 09-04-2010, when exchange rate reduced to ₹ 45 per US $ due to this reason, the difference in ARE-1 value and FOB has occurred. Government notes that CBEC has clarified in circular No. 510/06/2000-Cx dtd. 03-02-2000 that there is no question of requantifying the amount of rebate by applying same other rate prevalent to subsequent the date to which duty was paid. In this case applicant has stated the different in ARE-i value and FOB value is due to difference in foreign exchange rates. This pleading is not examined by lower authorities. This factual position is required to be verified by the original authority, and if said conten ..... X X X X Extracts X X X X X X X X Extracts X X X X
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