Invoice date governs CIF valuation for black pepper import eligibility under a foreign trade notification.

For eligibility to import black pepper free of restriction under the foreign trade notification, CIF value was to be assessed by reference to the invoice date, not the date of filing the Bill of Entry. The notification applied where the cost including freight exceeded the prescribed threshold, and the commercial invoice date, together with the exchange rate then in force, showed that threshold was crossed. Because the notification did not require valuation as on Bill of Entry filing, the invoice date was the proper reference point. The import therefore qualified for the notification benefit, and the challenge failed, leaving the direction permitting assessment and release of the goods undisturbed.

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Issues: (i) Whether the CIF value for determining eligibility to import black pepper free of restriction under the relevant foreign trade notification had to be taken as on the date of the invoice or the date of filing the Bill of Entry.

Issue (i): Whether the CIF value for determining eligibility to import black pepper free of restriction under the relevant foreign trade notification had to be taken as on the date of the invoice or the date of filing the Bill of Entry.

Analysis: The notification governing free import of black pepper applied where the cost including freight exceeded Rs. 500 per kg. The transaction was evidenced by the commercial invoice dated 07.11.2018, and on that date the exchange rate and invoice value resulted in a CIF value above the threshold. The notifications concerning exchange rates showed that the relevant rate in force on the invoice date supported that computation. The notification did not expressly require valuation with reference to the date of filing the Bill of Entry, and in the absence of such stipulation the proper reference point was the invoice date reflecting the underlying transaction value.

Conclusion: The CIF value had to be determined with reference to the date of the invoice, not the date of filing the Bill of Entry, and the import was eligible for the benefit of the notification.

Final Conclusion: The appellate challenge failed and the writ court's direction permitting assessment and release of the goods was left undisturbed.

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