Supreme Court Upholds Decision on Currency Devaluation Impacting Customs Valuation

The Supreme Court dismissed the appeal, upholding the lower court's decision based on the respondent's explanation of currency devaluation affecting the discrepancy in imported goods' valuation for customs purposes.

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The Supreme Court dismissed the appeal, citing the respondent's justification of significant devaluation in the foreign exchange (Lira of Turkey vs. US dollar) as impacting the imported goods' price declaration. The Bill of Entry was cleared at US dollars 900 per metric tonne, while customs authorities valued it at US dollars 1200 per metric tonne. The Court upheld the CESTAT's orders based on this justification.

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