TaxTMI 
TaxTMI 
2002 (10) TMI 130
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....dated 1-5-2002, he declared assessable value to be Rs. 80,37,848/-; that the car was purchased for £ 1,05,000 FOB under Invoice dated 19-4-2002; that the Commissioner of Customs, under the impugned order, has enhanced the assessable value of the car to Rs. 96,14,469/- based on the price of £ 1,49,000 given in World Car Guide, 2000 after allowing 15% discount and confiscated the car for importing the same at New Delhi which was not specified place under Exim Policy 2002-07. The learned Advocate, further, submitted that the transaction value can not be rejected for want of material to show that the same is not genuine and there is additional payment over and above the invoice price; that the price taken from the World Car Guide is the price....
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....E.L.T. 721 (T) = 2001 (46) RLT 971 (CEGAT)] and H.S. Mahadeva v. C.C., New Delhi [2002 (140) E.L.T. 545 (T) = 2002 (48) RLT 763 (CEGAT)] to the effect that if there is no material to cast any doubt on the transaction value, the goods are required to be assessed to duty based on transaction value. 3. The learned Counsel also submitted that confiscation of car and imposition of redemption fine of Rs. 25 lakh and penalty of Rs. 5 lakh for a technical violation of the Exim Policy - 2002-07 is unwarranted, excessive and disproportionate; that the appellant was not aware that new car could be imported only at Nhava Sheva, Kolkata and Chennai ports as the said restriction came into force only on 1-4-2002 and he had purchased the car in April 2002....
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....red in invoice is explained sufficiently. There is no other material on record for doubting the truth or accuracy of the value declared for invoking provisions of Rule 10A (1) of the Customs Valuation Rules. We find substantial force in the submissions of the learned Advocate that once 15% discount is allowed on the pre tax price, the value would approximate the invoice price. The difference has been explained by the learned Advocate on account of special discount given by the foreign supplier on account of car having been manufactured in 2001 and being replaced by New Arnage R. There being no other material to doubt the accuracy of the transaction value and there is no allegation also that any of the four clauses in the provisions under su....