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CESTAT held that export value of iron ore must be determined strictly under S.14 of the Customs Act read with the Export Valuation Rules, and that the declared transaction value cannot be discarded absent valid grounds. It found no evidence of any consideration beyond the amounts reflected in the final invoices, which were based on CIQ test reports and contractual terms providing for DMT-based pricing, and duly supported by BRCs. The recomputation of value by adopting CRCL moisture content at load port was held unsustainable, following earlier coordinate Bench decisions. The impugned order of the Commr(A) was set aside, and the matter remanded to the Adjudicating Authority to finalize provisional assessment on transaction value and recompute the admissible refund.
CESTAT held that export value of iron ore must be determined strictly under S.14 of the Customs Act read with the Export Valuation Rules, and that the declared transaction value cannot be discarded absent valid grounds. It found no evidence of any consideration beyond the amounts reflected in the final invoices, which were based on CIQ test reports and contractual terms providing for DMT-based pricing, and duly supported by BRCs. The recomputation of value by adopting CRCL moisture content at load port was held unsustainable, following earlier coordinate Bench decisions. The impugned order of the Commr(A) was set aside, and the matter remanded to the Adjudicating Authority to finalize provisional assessment on transaction value and recompute the admissible refund.
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