FOB value under the export contract was treated as the...

FOB value under the export contract was treated as the transaction value, and customs officers could not revise that contractual value to reduce drawback or MEIS benefits, because customs valuation under section 14 and the Export Valuation Rules operates only for customs purposes. The Tribunal further held that statements recorded under section 108 were inadmissible without compliance with section 138B, and the market enquiry report could not sustain residual valuation because it relied on concepts not recognised by the valuation rules. Since the goods matched the declaration and the dispute was only about valuation, confiscation under section 113(i), redemption fine and consequential penalties under sections 114(iii) and 114AA could not survive.