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Issues involved: Valuation of imported Audio Compact Discs, rejection of transaction value, deductions claimed by the appellant, application of Customs Valuation Rules.
Valuation of imported Audio Compact Discs: The appellant imported Audio Compact Discs from Singapore and Australia, leading to a dispute regarding the valuation of these consignments. Customs authorities challenged the declared values, considering them low compared to the market price, and assessed the CDs at higher values based on intrinsic worth and market comparisons. Rejection of transaction value: The authorities rejected the transaction value declared by the appellant, citing discrepancies between declared values and market prices. The appellant argued that all deductions claimed should have been allowed, as they would align the transaction value closely with the market price, indicating no intent to suppress value. Deductions claimed by the appellant: The appellant claimed various deductions for expenses related to distribution, marketing, and production of the CDs. The assessing authority allowed some deductions but disallowed others, leading to differences in the assessable values of CDs imported from Singapore and Australia. Application of Customs Valuation Rules: The appellant contended that the rejection of transaction value was unjustified, citing legal provisions and precedents supporting the acceptance of transaction value in the absence of special circumstances. The Tribunal agreed with the appellant's arguments and set aside the assessment orders, allowing the appeals and granting consequential relief to the appellant.
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