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TMI Blog2015 (10) TMI 602X X X X Extracts X X X X X X X X Extracts X X X X ..... y determined value of as per first MoA – At time of import, price was available on basis of MoA of agreement and there is no material placed by appellant for reduction of price in subsequent MoA – In view of discussions, no reason found to interfere with order of Commissioner(A) – Decided against Assesse. - Appeal No. : C/1068/2006, [Appn No. C/EXTN(MA)/16397/2014] - ORDER No. A/10746 / 2015 - Dated:- 11-5-2015 - Mr. P.K. Das and Mr. H.K. Thakur, JJ. For The Applicant : Shri Hardik Modh, Advocate For The Respondent : Shri S K Shukla, Authorised Representative Per : Mr. P.K.Das; The relevant facts of the case, in brief, are that one M/s Madhav Industrial Corporation, Bhavnagar imported an old vessel M V Dimitriy Mendele ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pute that the declared value is genuine transaction value and therefore the value on the basis of earlier MoA cannot be sustained. He particularly submits the Hon ble Supreme Court in the case of Chaudhary Ship Breakers Vs CC Ahmedabad - 2010.259.ELT.161(SC) on the identical situation held that price actually paid or payable acceptable as transaction value. He also relied upon the decision of the Tribunal in the case of Jai Jagdish Ship Breakers Pvt Ltd Vs CC., Jamnagar -2004.177.ELT.928 (Tri. Del.) held that value mentioned in the addendum of MoA cannot be rejected. 4. On the other hand, the Learned Authorised Representative on behalf of the Revenue reiterates the findings of the Commissioner (Appeals). He submits that the price as avai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ve or the Revenue that the transaction value would be, as declared at time of importation of goods. Hence, the Adjudicating Authority rightly determined the value of US $ 9,54,044/- as per first MoA. The Larger Bench of the Tribunal in the case of Lucky Steel Industries and others (supra) has held that the price mutually agreed upon by the parties at time of import will be relevant and taken into consideration for the purpose of assessment under Section 14 of the Customs Act 1962. The reduction of price after the date of import shall not be taken into consideration for the purpose of determining assessable value. The relevant portion of the said decision is reproduced below : In a nutshell it is it is held that any reduction in price m ..... X X X X Extracts X X X X X X X X Extracts X X X X
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