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The CESTAT allowed the appeal, setting aside the impugned order insofar as it enhanced the declared transaction value and applied a higher customs duty at 15% on the lumps component of iron ore exported without segregation. The Tribunal held that the transaction value declared in the Bill of Entry, based on the sale agreement with foreign buyers, cannot be discarded without substantial proof of higher prices for identical or similar goods contemporaneously. The Department failed to demonstrate that the appellant received any consideration exceeding the invoice value or that the parties were related. The Tribunal also rejected the application of contemporaneous FOB values due to lack of statutory compliance and evidence. Additionally, iron ore lumps present in the bulk export were to be treated as part of the fines, consistent with prior rulings, and the contractual tolerance for lumps up to 10% was upheld. Consequently, duty liability was confined to the value realized, and the appeal was allowed.
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