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of <h1>Appellate tribunal overturns valuation order for imported aluminium scrap. No evidence of undervaluation.</h1> The appellate tribunal set aside the impugned order regarding the valuation of imported aluminium scrap of Tepid Grade. The tribunal found no ... Valuation of imported goods - aluminium scrap - enhancement in value based upon the value recorded in London Metal Exchange (LME) Bulletin - Held that: - there is no reason for rejecting the transaction value and adopting the LME price. It is well settled law that LME price can be a guide to be adopted for the purpose of enhancement only in those cases where transaction values are found to be incorrect. There is also no corroborative evidence to show undervaluation of the scrap. Revenue has not produced any evidence to show that transaction value was incorrect or was on lower side - there is no justification for enhancement of the value - appeal allowed. The appellate tribunal set aside the impugned order regarding the valuation of imported aluminium scrap of Tepid Grade. The tribunal found no justification for enhancing the value based on the London Metal Exchange price as there was no evidence of undervaluation in the transaction value. The appeal was allowed.
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