TMI Blog2020 (9) TMI 902X X X X Extracts X X X X X X X X Extracts X X X X ..... y in relation to goods enumerated in the said chapter, those of steel , stainless steel and other alloy steel in (d), (e) and (f) in the note are intended to apply to such descriptions anywhere in the schedule. The first appellate authority cannot be faulted for reference to these descriptions for the purpose of chapter 73 of the First Schedule to Customs Tariff Act, 1975. The lower authorities have relied upon the ascertained chromium content. It is abundantly clear that to conform to description as other alloy it should not be stainless steel which is distinguished by being alloy steel with the carbon content restricted to 1.2% or less and with chromium content of at least 10.5%. Consequently, it would appear that other all ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... per metric ton in bill of entry no. 803809/14.12.2009 which, after ascertainment of 12.63% of chromium in bolts and 9.5% of chromium in nuts by hand held testing machine , was held to be more accurately describable as stainless steel bolts and alloy steel nuts respectively with the headings remaining unchanged but justifying revision of value to US$2081 per metric ton for bolts and US$ 1708 per metric ton for nuts by adopting London Metal Exchange (LME) prices. The goods were assessed on ₹19,00,525 instead of declared assessable value of ₹ 10,17,921 to levy differential duty of ₹2,15,537. In addition, the goods were confiscated under section 111 of Customs Act, 1962, with the option to be redeemed on payment o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... epresentative who submitted that misdeclaration of the goods jeopardised the contents of the invoice justifying assessment at values as permitted by the Customs Valuation (Determination of Value of Imported Goods) Rules, 2007. 5. Recourse was had to the prices of constituent metals in the London Metal Exchange (LME) for arriving at the enhanced assessable value, on the supposition that the goods had been mis-declared, after discarding the value reflected in the invoice. Hence, the primary requirement is to evaluate the finding in the impugned order that the goods had been correctly re-determined as stainless steel bolts and alloy steel nuts instead of acceptance of the declaration as steel bolts and nuts in the bill of entry. 6. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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