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of <h1>Tribunal grants appeal, rejects value enhancement arguments for 'Stainless Steel Scraps Sheets'</h1> <h3>M/s. Teekay Flowflex Private Limited (formerly known as Teekay Metaflex Pvt Ltd) Versus Commissioner of Customs Appraising Group IV, Mumbai</h3> M/s. Teekay Flowflex Private Limited (formerly known as Teekay Metaflex Pvt Ltd) Versus Commissioner of Customs Appraising Group IV, Mumbai - 2017 (357) ... Issues:1. Enhancement of value of 'Stainless Steel Scraps Sheets'.2. Change of title from Teekay Metaflex Pvt Ltd to M/s. Teekay Flowflex Private Limited.Analysis:1. The appeal was filed against the enhancement of the value of imported 'Stainless Steel Scraps Sheets'. The appellant imported Stainless Steel Scraps, out of which 70% was in the form of SS circles. The contention was that these circles were usable as such and should not be considered scrap. The material was identified as 316L grade, with a declared value of US$885/- PMT CIF. It was argued that the scrap of 316L grade was more expensive than that of 305 grade. The value of 30% of the consignment was enhanced to US$1000/- PMT CIF, and the value of the remaining 70% was enhanced to US$2100 PMT. However, the Tribunal found these arguments unsubstantiated. It was held that there was no evidence to support the claim that 316L grade commands a premium over 304 grade. Additionally, comparing the value of SS circles to the LME price of CR Coils of stainless steel grade 304L was deemed incorrect. The impugned order was set aside, and the appeal was allowed.2. The appellant also filed a Misc. Application for a change of title from Teekay Metaflex Pvt Ltd to M/s. Teekay Flowflex Private Limited. The appellant submitted a certificate of Incorporation reflecting the name change, duly signed by the Registrar of Companies, Maharashtra, Mumbai. The Tribunal allowed the Misc. Application considering the request made by the appellant.
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