2003 (9) TMI 221

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....lue Unit per piece Assessed Value Unit per piece Assessed Value of Goods (Rs.) 1. ICD/26/02 13-5-02 336856 18-3-02 Blank Video Tapes US $ 0.78 (MRP Rs. 75/-) US $ 1.00 (MRP Rs. 100/-) 23,92,917/- 2. ICD/40/02 9-7-02 338790 10-5-02 Blank Video Tapes US $ 0.78 (MRP Rs. 75/-, 0.60 (MRP Rs. 65/-, 0.85 (MRP Rs. 85/-) US $ 1.00 (MRP Rs. 100/- 1.00 (MRP Rs. 100/- 1.40 (MRP Rs. 140/-) 23,01,022/- 3. ICD/51/02 9-8-2002 154903 20-6-02 Blank Video Tapes US $ 0.78 (MRP Rs. 75/-) 0.85 (MRP Rs. 85/-) 1.50 (MRP Rs. 150/-) 0.78 (MRP Rs. 75/-) US $ 0.95 (MRP Rs. 100/-) 1.10 (MRP Rs. 110/-) 1.50 (MRP Rs. 175/-) 1.00 (MRP Rs. 100/-) 22,94,927/- 4. ICD/56/0....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....02 9-12-02 2067 18-11-02 Tweeter/Speaker - Loaded by 20% 5,50,414/- 16. ICD/103/02 14-3-02 335152 24-1-02 Components for VCD Players : Unbranded Mechanism HK $ 35.10 HK $ 44.79 9,77,380/-"       Unbranded PCB HK $ 51.00 HK $ 60.11   2. The imported goods in question are mostly consumer goods like blank video tapes, dry battery. Most of these imported goods were required to be marked with Maximum Retail Price (MRP) in terms of Notification No. 44 (R-2000) dated 24-11-2000 of the Director General of Foreign Trade. Therefore, those pieces had been affixed with stickers showing their MRP. While increasing the declared value for the purpose of assessing t....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....d value. No reason for the rejection of the transaction value or enhancement of value has been indicated by the assessing authority. It is well settled that transaction values constitute assessable value under the Customs Act. If the goods have to be assessed at a different value, the transaction value has to be rejected first based on the legally permissible grounds as indicated in the Valuation Rules. The assessee should also be put on notice that their transaction value is being rejected for the stated reasons and goods are proposed to be assessed at a higher value. The circumstances that permitted such rejection and the alternative basis for fixing assessable value are specified in the Valuation Rules themselves. No such legally permiss....