2000 (8) TMI 817

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....ssioner has confirmed the demands of duties and imposed penalties upon the appellants as under :- S. No. Appeal No.   O/O. No. Duty Penalty 1. C/V-148/ 95/CAL 72/CUS/BBSR/93/COLL-6/95 Dated 1-6-1995 Rs. 1,21,148.00 Rs. 60,000.00 2. C/V-149/95 70/CUS/BBSR/93/COLL-13/95 Dated 31-3-1995 Rs. 4,84,812.00 Rs. 2,42,000.00 3. C/V-150/95 169/CUS/BBSR/93/COLL-14/95 Dated 29-6-1995 Rs. 44,037.00 Rs. 22,000.00 4. C/V-160/95 167/CUS/BBSR/93/COLL-16/95 Dated 27-6-1995 Rs. 99,605.00 Rs. 49,000.00 5. C/V-161/95 168/CUS/BBSR/93/COLL-15/95 Dated 29-6-1995 Rs. 1,14,976.00 Rs. 72,000.00 3. One of the common issues involved in the present appeals as to wh....

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.... M.S.T.C. agreed to sell the goods in question to the appellants at the price of US $ 175.62 per M.T. and this is the price at which the foreign supplier had agreed to sell the goods to M/s. M.S.T.C. He also submits that the Inspection Charges of US $ 0.35 per M.T. and Agency Commission of US $ 0.50 per M.T. were to be paid separately and the Invoice raised by the foreign supplier was to the tune of US $ 174.77 per M.T. As regards the Certificate of sale, M/s. M.S.T.C. have declared the selling of the said goods to the appellants on high-sea-sale basis expressing the price in US dollars. In the final invoice issued by M/s. M.S.T.C., the price is again charged in US dollar and in the bill of entry, the assessable value was declared by the ap....

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....sion of foreign currency into Indian rupee, are mandatory and have to be adhered to by applying the rate of exchange notified by the Central Government as in force on the date of filing of the bill of entry. The conversion done by M/s. M.S.T.C. for charging the appellants depending upon their own method, may be relatable to the booking rates, with bankers and cannot be pressed into services for converting the foreign exchange into Indian Currency for the purpose of calculating the assessable value. As such, we are in agreement with the view expressed by the learned Advocate for the appellants. 7. Another point involved in Appeal No. C/V-161/95 is as to whether the stamp duty affixed on the documents is to be required to be added in ....