https://www.taxtmi.com/caselaws?id=460657 CESTAT Mumbai ruled that iron ore fines (IOF) Fe content determination must be on Wet Metric Ton (WMT) basis, not Dry Metric Ton (DMT), following SC precedent and CBEC circular. The tribunal held that artificially split consignments should be treated as consolidated shipments. Since all five consignments had Fe content below 58% when calculated on WMT basis, no export duty was payable. Consequently, penalties under Section 114AA were also set aside. Revenue appeals were dismissed and respondent's cross-objections allowed. en-us Fri, 30 Aug 2024 00:00:00 +0530 Mon, 10 Feb 2025 12:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460657 CESTAT Mumbai ruled that iron ore fines (IOF) Fe content determination must be on Wet Metric Ton (WMT) basis, not Dry Metric Ton (DMT), following SC precedent and CBEC circular. The tribunal held that artificially split consignments should be treated as consolidated shipments. Since all five consignments had Fe content below 58% when calculated on WMT basis, no export duty was payable. Consequently, penalties under Section 114AA were also set aside. Revenue appeals were dismissed and respondent's cross-objections allowed. Case-Laws Customs Fri, 30 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460657