TMI Blog2002 (7) TMI 202X X X X Extracts X X X X X X X X Extracts X X X X ..... involved is determination of value of goods exported by them out of India. 2. Shri Sudhir Mehta, learned Advocate, submitted that the Appellants are engaged in regular export since 1984; that their representative in Russia had procured order for gasket and they had filed in all 15 Shipping Bills for export of 100 cartons of Gaskets, made of Rubberised Cork to Russia; that the Letter of Credit wa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... such evidence to disprove the correctness of the declared value. The learned Advocate, further, submitted that the Revenue had relied solely upon the statement of Shri Lakhmendra Khurana wherein he mentioned that the correct value of a gasket set is Rs. 80/-; that the said statement was made by him as the Letter of Credit opened by the buyer was to expire next day; that the admission has to be mad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 18-9-99 before the Special Metropolitan Magistrate; that moreover the sale proceeds had also been realized in full which proves the bona fide nature of transaction; that there is no relationship or mutuality of interest between the foreign buyers and the Appellants. 3. Countering the arguments, Shri A.K. Pandit, learned D.R., submitted that the present matter is a clear case of over-valuing the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... red, if the shipment did not leave the day of hearing, a fact which has been recorded in the impugned Order. 4. We have considered the submissions of both the sides. A perusal of the impugned Order does not reveal any material on the basis of which the Revenue came to the conclusion that the Appellants have over valued the impugned goods. There is neither any evidence of any market enquiry made ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s to prove a charge of undervaluation (sic) is on the Department by bringing on record the material evidence. In the present matter for want of any material evidence or document, the charge of under valuation (sic) merely on the basis of confessional statement which has also been retracted the next day, cannot stand. Accordingly we set aside the impugned Order and allow the appeal. - - TaxT ..... X X X X Extracts X X X X X X X X Extracts X X X X
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