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CESTAT held that the impugned order was set aside and the appeal allowed, concluding that customs officers lack statutory authority to redetermine the FOB transaction value agreed between the exporter (Appellant) and the overseas buyer (Respondent). The Tribunal affirmed that FOB constitutes the transaction value where the exporter bears costs and risks until goods are placed on board, and neither the Act nor the Export Valuation Rules empower a proper officer or any third party to alter that contractual transaction value for benefits assessment. The proper officer's valuation powers relate to assessable value for duty purposes under section 14 and do not extend to revising an agreed FOB sale price.
CESTAT held that the impugned order was set aside and the appeal allowed, concluding that customs officers lack statutory authority to redetermine the FOB transaction value agreed between the exporter (Appellant) and the overseas buyer (Respondent). The Tribunal affirmed that FOB constitutes the transaction value where the exporter bears costs and risks until goods are placed on board, and neither the Act nor the Export Valuation Rules empower a proper officer or any third party to alter that contractual transaction value for benefits assessment. The proper officer's valuation powers relate to assessable value for duty purposes under section 14 and do not extend to revising an agreed FOB sale price.
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