2005 (2) TMI 360

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....nation by Special Investigation Branch officers revealed that the goods imported were not MS Scrap but are mild steel flat bars of various lengths bundled together uniformly. Revenue proceeded against the appellants for misdeclaration of value and description relating to 'London Metal Exchange', Bulletin. The Original Authority fixed the value at 230 US $ per M.T. The goods were held liable for confiscation under Section 11(m) of the Customs Act, 1962. A redemption fine of Rs. 10,000/- was imposed. A penalty of Rs. 25,000/- was imposed under Section 112 of the Customs Act. The appellants were not successful in their appeal before the Commissioner (Appeals). The Commissioner (Appeals) upheld the Order-in-Original. Hence the appellants have c....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....tion, in view of the fact that the goods are of uniform lengths bundled together, they cannot be treated as Scrap. Hence the goods are liable for confiscation under Section 111(m) of the Customs Act. But as regards the value, attention is invited to Rule 4 (2) of the Customs Valuation Rules, 1988. The same is reproduced below :- "4. Transaction value. (1) xxx      xxx      xxx (2) The transaction value of imported goods under sub-rule (1) above shall be accepted : Provided that - (a)       the sale is in the ordinary course of trade under fully competitive conditions; (b)       the sale does not involve any abnorma....