Metal Lease Charges and Insurance Premiums Included in Assessable Value, Extended Limitation Period Overturned

CESTAT partially allowed the appeal, upholding the inclusion of metal lease charges and insurance premium in assessable value. The tribunal set aside the extended period of limitation and penalty under section 114A of Customs Act. The appellant's claim for refund was rejected, with the Principal Commissioner's findings deemed legally valid. The decision affirmed that insurance premium constituted a condition of sale and metal lease charges were not considered interest. The tribunal found no willful suppression of facts by the importer, who had consistently paid excess customs duty based on actual gold content in invoices. .....

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