Customs valuation cannot reject a declared contract price merely because other imports fetched higher values.

The declared contractual price of imported goods could not be rejected for customs valuation merely because shipment occurred later than expected, where the contract and letter of credit explained the delay and supported an ascertainable transaction value. Revenue reliance on other imports failed because the cited invoices were not comparable, involving different countries of origin, quantities, and, in one instance, an added intermediary margin. A stray higher-priced import, without evidence that the transaction was sham or fictitious, was insufficient to displace the declared value. The customs enhancement of assessable value was therefore not justified.

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Issues: Whether the contracted price of the imported goods could be rejected and the assessable value enhanced under customs valuation law on the basis of delayed shipment and reliance on invoices of allegedly comparable imports.

Analysis: The contract and letter of credit showed that shipment was linked to accumulation of defective coils and vessel availability, with payment at sight and a stipulated validity period. The finding that there was no delivery schedule or effective letter of credit was factually incorrect. The invoices relied upon by the Revenue were not comparable, since they related to different countries of origin, different quantities, and in one case an intermediary had added margin. A stray higher-priced import, without evidence that the transaction was sham or fictitious, could not displace the ascertainable contractual price. Mere comparison with other imports was insufficient to reject the declared value.

Conclusion: The contracted price could not be rejected, and the enhancement of value was not justified; the appeal was against the assessee.

Ratio Decidendi: Where the declared contractual price is supported by the transaction documents and the Revenue relies only on non-comparable imports, the customs authorities cannot reject the price merely because other consignments were imported at higher values or because shipment occurred later than expected.

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