https://www.taxtmi.com/caselaws?id=44834 The Supreme Court ruled that customs duty value for imported goods must be assessed based on the prevailing market price at the time of importation, not the date of the contract. The Court rejected the appellant's argument and upheld the Additional Collector's assessment using prices of similar goods imported by another firm. The Court emphasized that the contract date does not impact customs duty assessment, affirming that the value must be determined at the time of importation. The appeal was dismissed, and the Tribunal's decision to assess customs duty value based on importation time was upheld. en-us Wed, 14 Jan 1998 00:00:00 +0530 Wed, 31 Dec 2014 18:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=44834 The Supreme Court ruled that customs duty value for imported goods must be assessed based on the prevailing market price at the time of importation, not the date of the contract. The Court rejected the appellant's argument and upheld the Additional Collector's assessment using prices of similar goods imported by another firm. The Court emphasized that the contract date does not impact customs duty assessment, affirming that the value must be determined at the time of importation. The appeal was dismissed, and the Tribunal's decision to assess customs duty value based on importation time was upheld. Case-Laws Customs Wed, 14 Jan 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=44834