2007 (4) TMI 462

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..... Heard both sides and perused record. 2. The appeal of the revenue challenges the valuation order passed by the Commissioner. 3. The facts of the case are that the appellant imported a consignment declared as re-melted lead ingots . When the Customs Authorities proposed to assess the imported goods based on the London Metal Exchange price of lead, the appellant claimed that a discount of 15% .....

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..... e Indian lead Zinc Development Association of New Delhi have advised that the consignment should be treated as remelted lead. Further, I find that similar consignment of the appellant has been treated as remelted lead in ICD, Tughlakabad. Under the circumstances I hold that the goods in question are remelted lead and as per valuation practice prevalent in the Customs Houses, 15% deduction should b .....

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..... s case. To begin with, it is to be noted that there is no authority in law for making assessments based on LME price. Valuation Rules (4) stipulate that assessment must be based on transaction value. Without mentioning any ground for rejecting the transaction value, authorities are carrying out assessments based on LME price. Even there, the deduction allowed by the assessing authority in the pres .....

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