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Issues:
Assessment of imported goods at a purchase price lower than the value determined by Customs authorities. Analysis: The appellant imported two consignments of glass fibre (woven rovings) and sought assessment at a purchase price of US $ 550 PMT. Customs authorities increased the value to US $ 950 PMT for duty assessment, citing other imports at higher prices. The appellant argued that the consignments were stock lots, justifying the lower price. They provided evidence of purchasing from a London trader at US $ 480 PMT, supporting the declared value. The Tribunal noted the long gap between manufacture and sale, concluding the lower price was reasonable for stock clearance. The Tribunal found the appellant's transaction value reflective of normal trade and deemed the Customs enhancement unsustainable. The Tribunal emphasized that prices can vary for various reasons, such as stock clearance. They determined that the appellant's purchase price was in line with normal trade practices, especially considering the goods were manufactured in 1996 and sold as stock lots in 1998. By comparing the manufacturer's price with the appellant's purchase price, the Tribunal concluded that the transaction value should be accepted for duty assessment. Consequently, the Tribunal allowed the appeal, ordering assessment based on the transaction value in the sale invoices and directing the release of goods to the appellant upon duty payment. The appellant was entitled to a refund of any excess amount previously paid, whether as duty or penalty.
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