Purposive interpretation of residential house exemption: unregistered purchase agreement alone does not defeat relief, but investment must be verified...
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CESTAT determined that while rejection of declared transaction value of imported thoroughbred horses under Rule 10A of Customs Valuation Rules, 1988 was justified due to significant discrepancies with auction prices, the subsequent valuation method was flawed. After rejecting transaction value, authorities applied Rule 8 directly, using Irish auction prices with adjustments. However, Rule 8(2)(iii) explicitly prohibits basing valuation on domestic prices in the country of export. Since the SCN acknowledged Rules 4-7A were inapplicable, and Rule 8 was improperly applied using auction prices, the demands for duty, confiscation, fines, and penalties were set aside. Appeal allowed.
CESTAT determined that while rejection of declared transaction value of imported thoroughbred horses under Rule 10A of Customs Valuation Rules, 1988 was justified due to significant discrepancies with auction prices, the subsequent valuation method was flawed. After rejecting transaction value, authorities applied Rule 8 directly, using Irish auction prices with adjustments. However, Rule 8(2)(iii) explicitly prohibits basing valuation on domestic prices in the country of export. Since the SCN acknowledged Rules 4-7A were inapplicable, and Rule 8 was improperly applied using auction prices, the demands for duty, confiscation, fines, and penalties were set aside. Appeal allowed.
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