Declared import price stands where comparable goods differ in grade and the benchmark import is not truly contemporaneous.

A declared import price cannot be rejected on the basis of contemporaneous import comparison unless the compared goods are of the same grade and the relied-upon transaction is truly contemporaneous. Here, the imported goods were found to be of a different grade from the benchmark goods, and the earlier import was not shown to be truly contemporaneous because the indent dates and letters of credit differed materially. On those facts, the basis for discarding the invoice price was not established, and the valuation in favour of the importer remained undisturbed.

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Issues: Whether the declared invoice price of the imported goods could be rejected on the basis of alleged contemporaneous imports of comparable goods.

Analysis: The imported goods were found to be of a different grade from the goods relied upon for comparison. The earlier import used as a benchmark was also not shown to be truly contemporaneous, since the indent dates and letters of credit were materially different. On these facts, the basis for rejecting the declared invoice price was not established.

Conclusion: The declared invoice price could not be rejected on the ground of contemporaneous import comparison, and the appeal failed.

Final Conclusion: The impugned order was upheld and the valuation determined in favour of the importer remained undisturbed.

Ratio Decidendi: A declared import price cannot be rejected on the basis of comparison with another import unless the goods are of the same grade and the relied-upon transaction is truly contemporaneous.

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