TaxTMI 
TaxTMI 
2008 (11) TMI 17
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....ent herein). On 13th April, 1999, a Memorandum of Agreement (MoA) was entered into between the respondent and the seller for importing the vessel for ship breaking. In the said MoA, the value indicated was USD 9,70,906.23. The ship arrived at Bhavnagar on 19th April, 1999. The Customs Officer boarded the ship for inspection on 20th April, 1999. On the same day, a Survey Report was prepared stati....
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....ized by the Assessing Officer (AO) on 11th January, 2001 on the basis of the value of the vessel fixed at US$ 9,70,960.23. The matter was carried in appeal by the respondent to the Commissioner who came to the conclusion, on the facts of the case, that since the price stood reduced prior to the filing of the Bill of Entry, that price constituted the value of the vessel. Accordingly, the Commissi....
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....any reason for reduction in the price from US$ 9,70,960.23 to US$ 8,70,960.23. Further, the most clinching factor to be seen is that the said addendum appears to have been executed at the request of the buyer. In our view, this is a self-serving document. In this connection, it may also be noted that the MoA dated 13th April, 1999 states that the vessel is bought on "as is where is" basis. If that....