9911796707
TMI Blog2002 (2) TMI 544X X X X Extracts X X X X X X X X Extracts X X X X ..... thousand nine hundred and nineteen) as differential duty. In addition, penalty of Rs. 10.00 lakh (Rupees ten lakh) has also been imposed upon the appellants in lieu of confiscation of the goods inasmuch as the goods are not available for confiscation having been cleared in accordance with the order passed by the Hon ble High Court of Kolkata. 2. Briefly stated the facts of the case are as under :- The appellants entered into a contract with M/s. SAMCHIRA, FZA, Sharjah, UAE, for supply of Superior Kerosene Oil (here-in-after referred to as SKO) as per Indian Oil Corporation specifications. The total quantity contracted to be supplied was 3250 Metric Tons + 10%. As per the contract dated 12-3-2000, the price of the SKO was to be arrived a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... All Bank Charges including confirmation, negotiations and other Bank Charges are to the account of the applicant. The value of Letter of Credit should be allowed to be overdrawn for the interest amount, confirmation charges and other bank charges. 2.1. In terms of the above contract, the goods were to be shipped within twenty days from the date of receipt of the Letter of Credit. However, as per the appellants, before the Letter of Credit could be opened, the appellants were informed by their foreign supplier that a small vessel for shipment of the appellants consignment alone is not readily available and a similar consignment belonging to the other parties in Visakhapatnam and Kolkata, was being sent by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce arrived at on the basis of 25 days average of Platt s quotation, was not correct inasmuch as the other parties at Kolkata had imported Kerosene Oil from Gulf countries on the basis of five days Platt s average. The appellants during the course of finalisation of bill of entry tried to satisfy the Revenue Officers that as per international practice, there are various ways of fixing the price of oil/petroleum and its buyer and seller has made the basis for pricing the oil goods agreed upon by them. Vide their letter dated 2-5-2000, they also produced two certificates issued by M/s. Caltex, Singapore and Enroc Marketing Pvt. Ltd., Dubai showing that the prices of the oil/petroleum can be either fixed or the same can be agreed upon between ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... asis instead of 25 days average basis. He submits that the Commissioner has gone by the fact that some of the importers at Kolkata has imported the goods on the basis of five days Platt s average and as such, the same is the normal transaction value in the course of international trade and should be adopted. However, he has failed to appreciate that in the same vessel, the same supplier has supplied the goods to another independent importer, M/s. Neptune Trade Links Pvt. Ltd. at Vizag on the basis of 25 days of Platt s average and the assessment was made by the Vizag Customs accepting the declared price without any objection. He submits that the adjudicating authority has not rebutted the above evidence of contemporaneous import, produced b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e dispute in the present appeal relates to the assessable value of SKO imported by the appellants. The appellants have declared the price by adopting the price as reflected in the commercial invoice dated 12-4-2000 raised by the foreign supplier. The said price has been arrived at in terms of the contract entered into between the appellant and their foreign supplier, according to which, the price was to be arrived at on the basis of the average of the 25 days of the Platt s published quotation from the date of Bill of Lading. The appellants have strongly contended that the formula adopted by them based on the average of the Platt s publications is in accordance with the international trade. It has also not been rebutted by the Revenue. In f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ot transpire that the value adopted by the appellants, was not genuine. 7. The appellants have also strongly contended that another importer, M/s. Neptune Trade Links Pvt. Ltd. who imported an identical goods at Vizag from the same supplier on the same ship, also declared the value on the basis of 25 days average of Platt s publication. Such declared value by the said importer, was accepted by the Vizag Customs and goods cleared. As such, they contend that by treating the above importation to be contemporaneous in nature, the Revenue should have accepted their stand. We agree with the above contention of the appellants. The same supplier has supplied the goods to the other importer on the basis of average of 25 days quotation publication. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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