9911796707
TMI Blog2014 (5) TMI 329X X X X Extracts X X X X X X X X Extracts X X X X ..... canalised items and could be imported only through a canalising agency viz., M/s. Minerals and Metals Trading Corporation of India Ltd. (MMTC). The procedure, therefore, was that pursuant to a contract entered into between the foreign supplier and MMTC, the latter would obtain the Liquid Amonia and Phosphoric acid. They would then sell the required quantity of these goods to appellant, on the high seas, depending on the order placed by appellant on them. 2. The clearance of the goods at the port of discharge was the duty of the importer, who in the instant case was the appellant - the actual user of the imported goods. Consequently, the appellant used to file Bills of Entry with Customs department along with a copy of the original inv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion during the period, the value of the imported goods in terms of Indian Rupees has gone up. He submits that according to Section 14 of the Customs Act, 1962 (the Act), the exchange rate adopted has to be with regard to rate of exchange as in force on the date on which the Bill of Entry presented under Section 46 of the Act or the Shipping Bill of Export, as the case may be, presented under Section 50 of the Act. In this case, the Department has adopted the Exchange rate as on the date of payment to MMTC and not on the basis of Bill of Entry. 5. On the other hand, learned Authorised Representative (AR) on behalf of respondent submits that transaction between MMTC and appellant was only in Indian currency. He draws our attention to in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Bill of Entry. In our opinion, this 'margin' has to be added to the assessable value worked out on the basis of exchange rate existing on the date of filing, the Bill of Entry. We also take note of the fact that Insurance and LC Charges have not changed and only 'margin' is changed. In the result, we take a view that assessable value has to be worked out based on USD existing on the date of filing the Bill of Entry to which the Insurance, LC Charges and Margin as shown in the final invoice have to be added. We also make it clear that Insurance and LC Charges are shown in terms of USD that also to be added as on the date of filing the Bill of Entry and if not, as on the date of filing of final invoice. As regards 'margin', actual margin ch ..... X X X X Extracts X X X X X X X X Extracts X X X X
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