Import invoice value as the basis for customs duty assessment upheld; importer barred from disowning its declared price.

The dominant issue was whether Customs authorities were entitled to assess import value on the basis of the invoice value for levy of customs duty. The SC held that although Customs are not bound by the invoice figure and may reject it on contemporaneous evidence showing it is not the true transaction value, an importer cannot contend that its own declared invoice value is incorrect to seek a different valuation. Consequently, the Tribunal's original order accepting invoice value as the basis of assessment was upheld, and the appeal was decided against the assessee.

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The Supreme Court of India ruled that Customs authorities can use evidence other than invoice value to calculate import value for customs duty. The Tribunal's decision was upheld, stating that the importer cannot claim invoice value is incorrect without evidence. The appeals were dismissed without costs.

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