https://www.taxtmi.com/caselaws?id=119044 For ad valorem customs duty on imported crude oil, assessable value is determined by the transaction value actually paid or payable for the Bill of Lading quantity, not by a proportionate reduction for lesser shore-tank receipt. The Tribunal distinguished earlier shore-tank quantity reasoning as relevant to specific-rate duty, while holding that Section 14 of the Customs Act, 1962 and the Customs Valuation Rules govern ad valorem valuation. Because the importer had to pay on the Bill of Lading quantity and no price reduction applied for transit loss, the full invoice-based amount remained the assessable value. Remission provisions under Sections 13 and 23 were inapplicable. en-us Mon, 06 Feb 2006 00:00:00 +0530 Thu, 21 Mar 2024 15:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=119044 For ad valorem customs duty on imported crude oil, assessable value is determined by the transaction value actually paid or payable for the Bill of Lading quantity, not by a proportionate reduction for lesser shore-tank receipt. The Tribunal distinguished earlier shore-tank quantity reasoning as relevant to specific-rate duty, while holding that Section 14 of the Customs Act, 1962 and the Customs Valuation Rules govern ad valorem valuation. Because the importer had to pay on the Bill of Lading quantity and no price reduction applied for transit loss, the full invoice-based amount remained the assessable value. Remission provisions under Sections 13 and 23 were inapplicable. Case-Laws Customs Mon, 06 Feb 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=119044