2015 (12) TMI 404

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....nha, Assistant Commissioner (A.R.) : For the Petitioner Shri K.D. Chugh, Karta : For the Respondent ORDER Per : P.S. Pruthi This appeal is filed by Revenue against the Order-in-Appeal dt.5.8.2004 passed by the Commissioner (Appeals) Mumbai-II. 2. The facts are that the respondent imported Furnace Oil from a trader in Dubai declaring the CIF value of US$120PMT. The department assesse....

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.... Hon'ble High Court of Gujarat judgment in the case of Ramchandra Art Silk Yarn Vs. Union of India 2002 (139) ELT 540 (Guj.) to support the view that the assessable value can be determined on prices of published Journals. 4. We have carefully considered the facts and submissions of both sides. 4.1. Shri K.D. Chugh, Karta of respondent stated that their letter dt. 17.7.2000 confirming accepta....

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.... price as per law. 5. Revenue has placed reliance on judgments which support determination of value on basis of international journals. In our view The judgments have been read out of context. The law for arriving at the correct assessable value is very clear. The Customs Valuation Rule 3 requires that value of imported goods shall be transaction value subject to Rule 12 (earlier Rule 9). Rule ....

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....t the same time, the Commissioner (Appeals) has clearly stated that on further inquiry in the Custom House, the contemporaneous imports in the months of July, August and October 2000 were found to be US$ 140, 125 & 115 PMT respectively. It is not established by the department in the grounds of appeal that such contemporaneous imports did not take place. In these circumstances, it is incorrect on t....