TaxTMI 
TaxTMI 
2002 (7) TMI 202
X X X X Extracts X X X X
X X X X Extracts X X X X
....Akshay Exports & Industries, the issue 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 t....
X X X X Extracts X X X X
X X X X Extracts X X X X
....atter the Revenue had not adduced any 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....
X X X X Extracts X X X X
X X X X Extracts X X X X
....was retracted by sworn affidavit dated 18-9-99 before the Special Metropolitan Magistrate; that moreover the sale proceeds had also been realized in full which proves the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 matte....
X X X X Extracts X X X X
X X X X Extracts X X X X
....from loss which they would have suffered, 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 ....