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Issues:
1. Appeal against order-in-appeal passed by the Commissioner (Appeals) regarding the valuation of imported second hand used Heidelberg Speedmaster 4 colour offset printing machine. 2. Application of Rule 8 for enhancing the declared value by the Revenue. 3. Contention of the Revenue based on manufacturer's information and Supreme Court precedent. 4. Respondent's argument supported by Chartered Engineer's certificate and valuation based on year of manufacture. Analysis: 1. The appeal before the Appellate Tribunal CESTAT, New Delhi involved the valuation of a second hand used Heidelberg Speedmaster 4 colour offset printing machine imported by the respondents. The Revenue disputed the declared value and sought enhancement based on Rule 8, leading to the appeal against the order-in-appeal passed by the Commissioner (Appeals). 2. The Revenue's contention relied on manufacturer's information to enhance the value of the machine, citing discrepancies in the declared value. They applied Rule 8 to increase the value, emphasizing the importance of considering the value of new machines and allowing for depreciation in determining the assessable value. 3. In response, the respondents presented a Chartered Engineer's certificate supporting the declared value. They argued that the valuation was accurate, considering the year of manufacture and conversion rates at the time of import. The respondents highlighted the lack of evidence showing higher values for similar imports during the relevant period. 4. The Tribunal noted that the Revenue did not dispute the Chartered Engineer's certificate provided by the respondents. Unlike the precedent cited by the Revenue, where discrepancies in the year of manufacture justified the application of Rule 8, the present case had no such issues. There was no evidence indicating that the respondents misrepresented the transaction value, and the Tribunal found no fault in the order-in-appeal, ultimately dismissing the appeal filed by the Revenue.
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