2000 (10) TMI 454

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.... Bombay in December 1994. The importer indicated the assessable value to be US $ 575 per metric tonne CIF for the plastic, of Russian origin. 2. The Custom House was of the view that the goods were to be valued at US $ 710 per tonne, the reasons for this being that the Platt bulletin indicated the value of such goods in September, 1994 to be US $ 820/850 per tonne, and a consignment of 270 metric tonnes of the same product of Russian origin was imported by Hardik Industrial Corporation at US $ 710 per tonne in the same month. 3. The importer's contention was that the contract for supply of these goods had been entered into with the supplier (with M/s. ICD Group BV, located in Amsterdam) in June 1994 for shipment at the price....

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....uance of this contract on 30-8-1994, which arrived in November 1994, was cleared at the declared value. Similarly, 267 tonnes of the same product was cleared in September 1994 at the price of US $ 570, determined in pursuance of another contract between the appellant and the same supplier on 7-6-1994. The reason furnished by the Commissioner for not accepting the transaction value is therefore not acceptable. The departmental representative emphasises the reasons advanced by the Commissioner for saying that the importation was not made in accordance with the contract of 10-6-1994. 6. The contract of 10-6-1994 was, as we have noted, for supply of 1000 tonnes of high density polyethylene of grade 276/73 at US $ 535 per tonne CIF Bomba....