2013 (11) TMI 246 - AT - Customs

Valuation of goods - lower authorities have enhanced the value to the extent of 30% based upon the value of the raw materials, reckoned to be LME prices, by ignoring the transaction value - Held that - There is no evidence produced by the Revenue discarding the transactional value. As such, at this interim stage, we are of the view that appellant is entitled to unconditional stay. - stay granted.

Summary

The Appellate Tribunal CESTAT NEW DELHI, in the case of M/s. Tanya Industries, allowed the stay petitions related to the valuation of imported goods. The tribunal found that the enhanced value based on LME prices of raw materials was not acceptable without evidence to discard the transactional value. The appellant was granted unconditional stay.