https://www.taxtmi.com/caselaws?id=41494 For debiting an import licence, the relevant figure is the importer's actual c.i.f. value of the goods, not the international market value used for customs duty assessment. The Imports (Control) Order, 1955 and licensing instructions treated the licence as a rupee-denominated foreign exchange control mechanism based on the importer's actual import commitment, while customs duty remained separately assessable under section 14(1) of the Customs Act on the price at the time and place of importation. Clause 10A required truthful declaration of value but did not permit substitution of market price for licence debit purposes. Paragraph 300 of the Handbook was read consistently with this approach. en-us Mon, 15 Jan 1979 00:00:00 +0530 Thu, 03 Jun 2010 17:46:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=41494 For debiting an import licence, the relevant figure is the importer's actual c.i.f. value of the goods, not the international market value used for customs duty assessment. The Imports (Control) Order, 1955 and licensing instructions treated the licence as a rupee-denominated foreign exchange control mechanism based on the importer's actual import commitment, while customs duty remained separately assessable under section 14(1) of the Customs Act on the price at the time and place of importation. Clause 10A required truthful declaration of value but did not permit substitution of market price for licence debit purposes. Paragraph 300 of the Handbook was read consistently with this approach. Case-Laws Customs Mon, 15 Jan 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=41494