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Issues:
1. Customs refusal to release imported goods based on invoice value lower than market price. 2. Challenge to Customs assessment order. 3. Interpretation of Customs Valuation Rules. 4. Application of valuation methods under the Rules. 5. Judicial review of assessment order under Article 226. Analysis: 1. The petitioner imported Polystyrene Resin Lucky 15-NF at $1120 per MT, but Customs refused release citing lower invoice value. Writ application challenged this refusal and assessment order. An interim order directed Customs to assess goods after hearing petitioner. 2. Customs assessed goods at $1400 per MT, justifying it with computer printouts showing different rates for similar goods. Court noted discrepancies in descriptions but couldn't determine factual distinction. 3. Customs Valuation Rules, 1988 state transaction value as basis, with sequential methods if value can't be determined. Rule 4 defines transaction value as actual prices paid for imported goods. 4. Rule 5, dealing with identical goods, was applied by Customs based on prices of similar goods. Dispute arose as Customs contested actual prices paid by petitioner. 5. Court found no justification to interfere with assessment order under Article 226. Allowed appeal against order, granting liberty to clear goods with bank guarantee for duty difference. Bank guarantee to be in favor of Customs, subject to renewal and interest payment. 6. Order disposed writ petition without costs, noting non-admission of allegations by respondents. Parties to act on signed copy of judgment. This judgment clarifies the application of Customs Valuation Rules in determining transaction value for imported goods, emphasizing the need for accurate pricing information and adherence to valuation methods. It also highlights the judicial approach towards challenging Customs assessment orders and the recourse available to importers through appeals and bank guarantees.
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