2007 (4) TMI 466

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.... for the Respondent. [Order per : C.N.B. Nair, Member (T)]. -  The appellant presented a consignment of man made fabric for export under shipping bill dated 30-3-06. The gross (export) price was about Rs. 131 per meter and the net price about Rs. 114 per meter. The item under export was eligible for DEPB benefit @ 7.8%. Thus, on the FOB value, the appellant claimed a DEPB benefit of abo....

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....s are entirely illegal inasmuch as there is no basis for holding that declared FOB value was in any way incorrect. It is being emphasized that the transaction was at the declared value and the buyer had made full payment. The ld. Counsel would point out that 'the average' method adopted by he authorities is entirely illegal inasmuch as market transactions take place at different prices and no aver....

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....nge of 450% but since the transaction was genuine, the proceedings were quashed. The submission of the ld. Counsel is that, in the present case, the variation between the maximum market price of Rs. 72 per meter and the net export price of Rs. 114 PMT is not a vast gap. There is also no evidence that export price had been mis-declared. 7. The ld. SDR's contention is that since the declared....