2007 (4) TMI 2

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....96. The dispute is about the question whether depreciation should be allowed on the car for the purpose of valuation for the post import period. 3.Under Section 14 of the Customs Act, 1962 (hereinafter referred to as 'the Act'), the valuation of the car must be based on the price at the time of the import of the goods. Section 15 of the Act makes it clear that the rate of duty and tariff valuation has to be determined on the date on which the Bill of Entry in respect of such goods is presented under Section 46 of the Act vide M/s. Shah Devchand & Co. and another v. Union of India and another - AIR 1991 S.C. 1931. Hence, in our opinion, the Tribunal was right in holding that post import depreciation cannot be taken into account, despite t....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....any time between their importation and the time when they are cleared for home consumption, includes any owner or any person holding himself out to be the importer; (40)'tariff value' in relation to any goods, means the tariff value fixed in respect thereof under sub-section (2) of Section 14; (41)'value' in relation to any goods, means the value thereof determined in accordance with the provisions of sub-section (1) of Section 14. 14.Valuation of goods for purposes of assessment : (1)For the purposes of the Customs Tariff Act, 1975 (51 of 1975), or any other law for the time being in force whereunder a duty of customs is chargeable on any goods by reference to their value, the value of such goods shall be deemed to be the price....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....  ascertained in such manner as the Board may direct, for the conversion of Indian currency into foreign currency [or foreign currency] into Indian currency; (b)"foreign currency' and 'Indian currency' have the meanings respectively assigned to them in clause (m) and clause (q) of Section 2 of the Foreign Exchange Management Act, 1999 (42 of 1999). 15.Date of determination of rate of duty and tariff valuation of imported goods : (1)The rate of duty and tariff valuation, if any, applicable to any imported goods, shall be the rate and valuation in force - (a)     in the case of goods entered for home consumption under Section 46 on the date on which a bill of entry in respect of such goods is presented und....