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Issues:
Challenge against Order-in-Appeal No. 42/Cus./CHD-2001 regarding undervaluation of imported Zinc Oxide consignments. Analysis: The appellant imported two consignments of Zinc Oxide from Hongkong, declaring a value of US Dollars 740 per M.T. The assessing officer alleged undervaluation based on a previous import by another party at a higher rate. The Commissioner (Appeals) upheld the decision, ordering confiscation and imposing fines and penalties under the Customs Act, 1962. The appellant contended a downward price trend in their regular imports justified the declared value. Citing legal precedents, the appellant argued against rejecting their transaction value solely based on a single higher-priced import by another party. The Tribunal requested information on any higher-priced imports, which was not provided by the Revenue. Considering the appellant's import history and lack of clarity on the other party's import circumstances, the Tribunal accepted the appellant's contentions, finding no justification for rejecting the declared values. Consequently, the Tribunal set aside the impugned orders and allowed the appeal.
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