2014 (5) TMI 329

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....analised items and could be imported only through a canalising agency viz., M/s. Minerals and Metals Trading Corporation of India Ltd. (MMTC). The procedure, therefore, was that pursuant to a contract entered into between the foreign supplier and MMTC, the latter would obtain the Liquid Amonia and Phosphoric acid. They would then sell the required quantity of these goods to appellant, on the high seas, depending on the order placed by appellant on them. 2. The clearance of the goods at the port of discharge was the duty of the importer, who in the instant case was the appellant - the actual user of the imported goods. Consequently, the appellant used to file Bills of Entry with Customs department along with a copy of the original invo....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....on during the period, the value of the imported goods in terms of Indian Rupees has gone up. He submits that according to Section 14 of the Customs Act, 1962 (the Act), the exchange rate adopted has to be with regard to rate of exchange as in force on the date on which the Bill of Entry presented under Section 46 of the Act or the Shipping Bill of Export, as the case may be, presented under Section 50 of the Act. In this case, the Department has adopted the Exchange rate as on the date of payment to MMTC and not on the basis of Bill of Entry. 5. On the other hand, learned Authorised Representative (AR) on behalf of respondent submits that transaction between MMTC and appellant was only in Indian currency. He draws our attention to inv....