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2024 (5) TMI 629 - CESTAT HYDERABADValuation of Export of Iron Ore fines - payment of customs duty under protest - contemporaneous export - HELD THAT:- We find that the transaction value has not been rejected nor its correctness doubted, as is evident from the orders of the court below. We further find that resorting to the contemporaneous prices is vague and further, there is no consideration as to the quantity, etc. We also find that the copy of such material with regard to contemporaneous export prices was not made available to the assessee, which has been relied upon for making the final assessment. In this view of the matter, we find that reliance on such contemporaneous export data is hit by the ruling of Hon’ble Supreme Court in the case of Dhakeswari Cotton Mills vs Commissioner of Income Tax [1954 (10) TMI 12 - SUPREME COURT]. Accordingly , we hold that such contemporaneous prices cannot be adopted for the purpose of finalisation of assessment. Accordingly , we set aside the impugned order and remand the matter to the Original Adjudicating Authority, who is directed to hear the appellant and pass a reasoned order in accordance with law. Accordingly , we allow this appeal by way of remand.
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