Margin of profit in import valuation is fact-specific; a prior order does not create a universal 100% rule.

The quantum of margin of profit and redemption fine, when fixed on the facts of a particular import, is ordinarily a question of fact rather than a referable question of law. The determination depends on market price, duty incidence, and surrounding circumstances, so a challenge to the specific figure applied did not justify reference. The earlier order relied on was confined to its own facts and did not create any universal rule requiring a 100% margin of profit for all imports. On that basis, no referable question of law arose and the reference application was rightly dismissed.

---

---

Issues: Whether the proposed questions concerning the application of margin of profit and the quantum of redemption fine raised any referable question of law, and whether the earlier order relied upon laid down a universal rule fixing a standard margin of profit.

Analysis: The questions proposed for reference challenged only the application of a particular margin of profit to the facts of the case. The determination of the appropriate margin of profit in the circumstances of a particular import depends upon factual considerations, including market price, duty incidence, and surrounding conditions, and does not by itself give rise to a question of law. The earlier order referred to was confined to its own facts and did not lay down an inflexible rule that 100% margin of profit must apply to all imports.

Conclusion: No referable question of law arose from the application for reference, and the reference application was rightly dismissed. The earlier decision was held to be fact-specific and not a general precedent fixing a universal margin of profit.

Ratio Decidendi: The quantum of margin of profit and redemption fine, when determined on the facts of a particular import, is a question of fact unless a legal principle is shown to have been wrongly applied; a fact-specific prior order does not establish a binding universal rate.

---