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M/s International Steel Corporation Versus Commissioner of Customs-Jamnagar (PREV)

2015 (10) TMI 602 - CESTAT AHMEDABAD

Reduction in value of goods in subsequent MoA – Demand of differential duty – Value as vessel was reduced as subsequent MoA, after conducting survey – Adjudicating Authority assessed Bill of Entry on amount available at time of importation and confirmed demand of differential duty alongwith interest – Commissioner (A) upheld adjudicating order and dismissed appeal filed by appellant – Held that:- value available at time of importation is US $ 9,54,044/- as per MoA therefore there is no reason av .....

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- Mr. P.K. Das and Mr. H.K. Thakur, JJ. For The Applicant : Shri Hardik Modh, Advocate For The Respondent : Shri S K Shukla, Authorised Representative Per : Mr. P.K.Das; The relevant facts of the case, in brief, are that one M/s Madhav Industrial Corporation, Bhavnagar imported an old vessel M V Dimitriy Mendeleev for a consideration of US $ 9,54,044/- under Memorandum of Agreement (MoA) dated 26.4.2001. The Customs Officer had boarded the Vessel on 1.5.2001. Subsequently, IGM was amended to su .....

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value as per second MoA on 3.5.2001, as it was finalised after importation. The Adjudicating Authority finally assessed the Bill of Entry No SBY/22/2001-2002 dtd 8.5.2001 and confirmed the demand of differential duty of ₹ 13,82,097.00 alongwith interest. The Commissioner (Appeals) upheld the adjudicating order and dismissed the appeal filed by the appellant. 3. The Learned Advocate on behalf of the appellant drew the attention of the Bench MoA dated 3.5.2001 between the foreign seller and .....

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of Chaudhary Ship Breakers Vs CC Ahmedabad - 2010.259.ELT.161(SC) on the identical situation held that price actually paid or payable acceptable as transaction value. He also relied upon the decision of the Tribunal in the case of Jai Jagdish Ship Breakers Pvt Ltd Vs CC., Jamnagar -2004.177.ELT.928 (Tri. Del.) held that value mentioned in the addendum of MoA cannot be rejected. 4. On the other hand, the Learned Authorised Representative on behalf of the Revenue reiterates the findings of the Co .....

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2)LCX0429. He also filed compilation of case laws. 5. After hearing both the sides and on perusal of records, we find that M/s Madhav Industrial Corporation entered into agreement with the foreign seller by MoA dated 26.4.2001 to purchase the old Vessel for a consideration of US $ 9,54,044/- and the vessel was arrived on 30.4.2001. After importation of the goods, the foreign seller sold the goods to the appellant as per MoA dtd 3.5.2001 and the value was reduced to US $ 8,54,044/-. Learned Advoc .....

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submission of the Learned Authorised Representative or the Revenue that the transaction value would be, as declared at time of importation of goods. Hence, the Adjudicating Authority rightly determined the value of US $ 9,54,044/- as per first MoA. The Larger Bench of the Tribunal in the case of Lucky Steel Industries and others (supra) has held that the price mutually agreed upon by the parties at time of import will be relevant and taken into consideration for the purpose of assessment under S .....

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