TaxTMI 
TaxTMI 
2000 (5) TMI 733
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.... [Order per : Archana Wadhwa, Member (J)]. - The appellant entered into contract dated 21-12-1989 with the foreign supplier M/s. Metal Distributors (UK) Ltd., London for import of 150 MT of Special High Grade Zinc of 99.99% minimum purity at the agreed price of US $ 1440 PMT. Detailed specification of the goods were mentioned in the purchase order placed by the appellant. Total agreed price of 1....
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....d in letter dated 24-7-1990 addressed by the local agent of the foreign supplier. The remaining goods under the said contract were thereafter shipped by the foreign supplier under invoice dated 29-7-1990 by charging the agreed contracted price of US $ 1440 PMT. In the invoice for this shipment at page 26 the number and date of the contract was also duly mentioned. It is in respect of this remainin....
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.... on record that there was no scope to ignore the transaction value when the contract between the appellants and the foreign supplier was a genuine one and the foreign supplier was not related to the appellants. On the date of entrying into the contract the international market price of the goods was US $ 1440 PMT and that was also the quoted price in metal bulletin of the London Metal Exchange. Th....
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.... E.L.T. 100 (Tribunal) = 2000 (36) RLT 484 ; 2000 (37) RLT 573 ; 2000 (36) RLT 622 and a number of other decisions. The gist as all these decisions is that the invoice price cannot be discarded except on the strength of a clear evidence that the invoice is not genuine and does not reflect the transacted price. The burden of proving the charge of undervaluation lies heavily upon the department and ....