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TMI Blog2007 (4) TMI 2X X X X Extracts X X X X X X X X Extracts X X X X ..... ion whether depreciation should be allowed on the car for the purpose of valuation for the post import period. 3.Under Section 14 of the Customs Act, 1962 (hereinafter referred to as 'the Act'), the valuation of the car must be based on the price at the time of the import of the goods. Section 15 of the Act makes it clear that the rate of duty and tariff valuation has to be determined on the date on which the Bill of Entry in respect of such goods is presented under Section 46 of the Act vide M/s. Shah Devchand & Co. and another v. Union of India and another - AIR 1991 S.C. 1931. Hence, in our opinion, the Tribunal was right in holding that post import depreciation cannot be taken into account, despite the fact that while the Bill of Entry ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hen they are cleared for home consumption, includes any owner or any person holding himself out to be the importer; (40)'tariff value' in relation to any goods, means the tariff value fixed in respect thereof under sub-section (2) of Section 14; (41)'value' in relation to any goods, means the value thereof determined in accordance with the provisions of sub-section (1) of Section 14. 14.Valuation of goods for purposes of assessment : (1)For the purposes of the Customs Tariff Act, 1975 (51 of 1975), or any other law for the time being in force whereunder a duty of customs is chargeable on any goods by reference to their value, the value of such goods shall be deemed to be the price at which such or like goods are ordinarily sold, or of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the conversion of Indian currency into foreign currency [or foreign currency] into Indian currency; (b)"foreign currency' and 'Indian currency' have the meanings respectively assigned to them in clause (m) and clause (q) of Section 2 of the Foreign Exchange Management Act, 1999 (42 of 1999). 15.Date of determination of rate of duty and tariff valuation of imported goods : (1)The rate of duty and tariff valuation, if any, applicable to any imported goods, shall be the rate and valuation in force - (a) in the case of goods entered for home consumption under Section 46 on the date on which a bill of entry in respect of such goods is presented under that Section; (b) in the case of goods cl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ow-how for the purpose of setting up of a plant from the machinery imported or running thereof, the same would not be computed for the said purpose. Any amount paid for post-importation service or activity, would not, therefore, come within the purview of determination of assessable value of the imported goods so as to enable the authorities to levy customs duty or otherwise. The Rules have been framed for the purpose of carrying out the provisions of the Act. The wordings of Sections 14 and 14(1A) are clear and explicit. The Rules and the Act, therefore, must be construed, having regard to the basic principles of interpretation in mind." 9.We thus see no reason to interfere with the impugned judgment and order of the Tribunal. The appeal ..... X X X X Extracts X X X X X X X X Extracts X X X X
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