2004 (12) TMI 423

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....er per : C.N.B. Nair, Member (T)]. -  The issue relates to valuation of Nickel Cathodes imported by the appellant from Canada. The purchase order dated 14-5-99 stated as under with regard to price :- "This has reference to offer dated 16th April, 99 from M/s. Metco Marketing, New Delhi and subsequent discussions/correspondence we had with them regarding import of 12 MT of Nickel 4x4 from yo....

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....s rejected this price for the purpose of assessment of the imported goods and the Assistant Commissioner of Customs Group IV, New Custom House passed his order dated 12-11-99 raising the price to USD 5355 PMT. The reason for the increase is that Customs authorities adopted the London Metal Exchange price of 20-4-99, the date of contract. The appellant challenged this decision before the Commission....