CESTAT on valuation: Declared value vs actual payment to seller. Exchange rate on Bill of Entry date. Exemption upheld for fertilizer use.

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....The case involved valuation of imported goods for duty levy and denial of CVD exemption. The issue was whether to consider declared value or actual payment to High Seas Seller. Tribunal held that exchange rate on Bill of Entry date applies. Citing precedents, it confirmed exchange rate relevance. CVD exemption was granted as appellant used goods as fertilizers. Demand for differential duty was set aside. Appeal allowed.....