2005 (5) TMI 124

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.... Member (T)]. - This appeal arose out of the order of the Commissioner of Customs (Appeals). The Revenue is aggrieved by the Commissioner's order. The issue pertains to assessable value of a vessel which is brought for breaking. 2. Briefly the facts are that a vessel "M.V. Ithaki" entered Alang anchorage on 14-11-2001. The shipping agent presented a copy of MOA dated 12-11-2001 entered into bet....

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....e of the vessel as US $ 711,125/- in terms of the first MOA. Being aggrieved by the said order, the importer filed an appeal before the Commissioner (Appeals) who in his order dated 9-9-2003 allowed the importer's appeal taking the view that the assessable value in this case has to be worked out on the basis of the MOA agreed between the seller and the appellant before him. Hence this appeal. 3....

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....the value of the goods at which they are bought by the respondent, the same should necessarily be considered as the value of like goods available at the time of importation. It is argued that the Commissioner erred in holding that a price arrived at after the completion of import is acceptable under the provisions of Section 14 and the rules made thereunder. In the case of CC, Ahmedabad v. Guru As....

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....venue, the price at which the goods are sold in international trade in the ordinary course of trade should be the value for the purpose of Customs Valuation Rules. In the present case, there is a definite indication as to the value at which the goods were transacted in the international trade. A distress sale is not sale in the ordinary course of international trade. Once the vessel has entered th....