2003 (7) TMI 623

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....or the Respondent. [Order per : C.N.B. Nair, Member (T)]. -  Appellant imported a consignment of 5900 pieces of educational video games of model GLK-2002 from M/s. Apex Trading Well Company, Hong Kong and sought clearance of the goods under Bill of Entry No. 280, dated 11-6-2002. Appellant claimed assessment of the goods at the transacted value, 17 HK dollars (equivalent to Rs. 109.38 per p....

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....uced sale invoice of the Chinese manufacturer who had sold the goods to the appellant's supplier at Hong Kong. The manufacturer's sale was at the rate of Hong Kong $16.50 per piece. The appellant also explained that the present import was a part of large quantity of 23,000 pieces contracted and that the transaction value was a negotiated price. It was also explained that according to the terms of ....

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....sconceived and contrary to specific legal provisions in the Customs Act and Customs Valuation Rules as well as the law laid down by the Apex Court in the case of Eicher Tractors Ltd. [2002 (122) E.L.T. 321 (S.C.)]. It is the contention of the appellant that Rule 4 of the Valuation Rules mandates that goods should be assessed to customs duty at their transaction value, unless for valid reasons as c....

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....cation whatsoever to doubt that transaction value and to replace it by the value of another transaction for the purpose of assessment. The counsel also submitted that mere rejection of a transaction value for assessment does not make the declaration of value made in the customs declaration a misdeclaration making the goods liable to confiscation under Section 111(m) and importer to penalty. 3.&em....