9911796707
TMI Blog2003 (7) TMI 623X X X X Extracts X X X X X X X X Extracts X X X X ..... r per : C.N.B. Nair, Member (T)]. Appellant imported a consignment of 5900 pieces of educational video games of model GLK-2002 from M/s. Apex Trading Well Company, Hong Kong and sought clearance of the goods under Bill of Entry No. 280, dated 11-6-2002. Appellant claimed assessment of the goods at the transacted value, 17 HK dollars (equivalent to Rs. 109.38 per piece). Customs Authorities i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nese manufacturer who had sold the goods to the appellant s supplier at Hong Kong. The manufacturer s sale was at the rate of Hong Kong $16.50 per piece. The appellant also explained that the present import was a part of large quantity of 23,000 pieces contracted and that the transaction value was a negotiated price. It was also explained that according to the terms of supply, only 85% of the stoc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fic legal provisions in the Customs Act and Customs Valuation Rules as well as the law laid down by the Apex Court in the case of Eicher Tractors Ltd. [2002 (122) E.L.T. 321 (S.C.)]. It is the contention of the appellant that Rule 4 of the Valuation Rules mandates that goods should be assessed to customs duty at their transaction value, unless for valid reasons as contemplated in the Rules. At the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... transaction value and to replace it by the value of another transaction for the purpose of assessment. The counsel also submitted that mere rejection of a transaction value for assessment does not make the declaration of value made in the customs declaration a misdeclaration making the goods liable to confiscation under Section 111(m) and importer to penalty. 3. We have perused the record and ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r transaction has taken place at higher price. The difference between transaction price and the comparable price adopted by the Commissioner i.e. (Rs. 109.38 to 130.52) is also not so huge that it can be alleged that transaction value is patently non-commercial. In these circumstances, the rejection of the declared value for assessment and confiscation and imposition of penalty cannot be sustained ..... X X X X Extracts X X X X X X X X Extracts X X X X
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