2003 (12) TMI 350

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...., for the Respondent. [Order per : Justice K.K. Usha, President]. - This is an appeal at the instance of the importer challenging the order passed by the Commissioner (Appeals) dated 24-4-2003. The issue arising in this appeal is whether the Revenue was justified in rejecting the transaction value declared by the assessee. 2. The goods imported by the appellant was subjected to first....

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....ed was @ US$ 225 per M.T. C & F. The assessing authority placing reliance on the value of prime quality goods reported in an international journal namely Platt's Weekly Bulletin fixed the assessable value as US$ 423 per M.T. The lowest price quoted in Platt for prime quality goods was US$ 705 per M.T. during the relevant period. After giving 40% discount thereon, the value was worked out to US$ 42....

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....ansactions are involved and which are reflected in its LME Bulletin, the Platt's price report is not based on transaction but merely is a compilation of price ranges of various plastic materials. It is also observed that these reports are region-wise and not country-wise. They cannot represent alternate transaction values. In that case transaction value, on the basis of such platt's report, was re....