https://www.taxtmi.com/caselaws?id=755719 CESTAT Mumbai allowed the appeal against undervaluation charges for imported aluminum and zinc scrap. Revenue authorities had redetermined values based on London Metal Exchange (LME) prices being higher than declared import prices. The tribunal held that transaction value under Section 14 cannot be rejected without contemporaneous evidence. Since there was no proof of additional payments, related party transactions, or price manipulation, and contemporaneous imports at similar prices existed, LME prices alone cannot substantiate undervaluation charges. The adjudged demands and penalties were set aside as unsustainable. en-us Tue, 16 Jul 2024 00:00:00 +0530 Thu, 18 Jul 2024 06:40:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755719 CESTAT Mumbai allowed the appeal against undervaluation charges for imported aluminum and zinc scrap. Revenue authorities had redetermined values based on London Metal Exchange (LME) prices being higher than declared import prices. The tribunal held that transaction value under Section 14 cannot be rejected without contemporaneous evidence. Since there was no proof of additional payments, related party transactions, or price manipulation, and contemporaneous imports at similar prices existed, LME prices alone cannot substantiate undervaluation charges. The adjudged demands and penalties were set aside as unsustainable. Case-Laws Customs Tue, 16 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755719