https://www.taxtmi.com/caselaws?id=751067 CESTAT Hyderabad held that export goods valuation must be based on transaction value between parties as per their contract terms. The appellant's iron ore exports should be valued using CIQ test reports as agreed contractually, not CRCL reports imposed by department. A deducted compensation of US$16 per MT from previous transactions must be added back to determine correct FOB value. Transaction value cannot be modified by separate compensation arrangements. All penalties were set aside and matter remanded for duty calculation. Appeal allowed. en-us Fri, 05 Apr 2024 00:00:00 +0530 Sat, 06 Apr 2024 09:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751067 CESTAT Hyderabad held that export goods valuation must be based on transaction value between parties as per their contract terms. The appellant's iron ore exports should be valued using CIQ test reports as agreed contractually, not CRCL reports imposed by department. A deducted compensation of US$16 per MT from previous transactions must be added back to determine correct FOB value. Transaction value cannot be modified by separate compensation arrangements. All penalties were set aside and matter remanded for duty calculation. Appeal allowed. Case-Laws Customs Fri, 05 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751067