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TMI Blog2016 (4) TMI 275X X X X Extracts X X X X X X X X Extracts X X X X ..... t and the entire consignment is covered by the letter of the official liquidator. Hence, no mis-declaration as regards quantity of the goods can be attributed to the assessee. In as much as the value of the entire consignment [including the value of the alleged excess found quantity] stands declared by the appellant, the said factor cannot be made a ground either for confiscation of the goods or for imposition of penalty upon the appellant. - Decided in favour of appellant with consequential relief - Customs Appeal No. 622 of 2010 - Final Order No. 51057/2016 - Dated:- 16-3-2016 - MS. ARCHANA WADHWA, MEMBER (JUDICIAL) AND SHRI B. RAVICHANDRAN, MEMBER (TECHNICAL) For the Petitioner : Shri Vishwanath Shukla, Advocate For the Re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eclared value of the jewellery equivalent to the consideration made by them during the auction purchase. 4. In the above backdrop, the appellants were issued show cause notice for enhancement of the value as also proposing confiscation of the goods and imposition of penalty. The said show cause notice culminated into the present impugned order passed by Commissioner vide which the value of the goods stand enhanced and the same stand confiscated with an option to the appellant to redeem on payment of redemption fine of ₹ 1,00,000/-. In addition, penalty of ₹ 50,000/- stand imposed from the appellant under Section 112 (a) (ii) of the Customs Act, 1962. 5. Appearing on behalf of the appellant, learned Advocate has drawn our a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ubsequently on account of time gap between the payment of consideration of the sale and the export of the goods. By drawing our attention to the Valuation Rules, its stand strongly argued before us that the said Rules are not applicable in as much as there is no reason to doubt the transaction value. As such, he prays for setting aside the impugned order and allowing the appeal. 6. Learned DR appearing for the Revenue submits that the payment for the goods were made at the time of auction of the same through official liquidator and the Court. However, in as much as the goods were imported subsequently after about a period of one year, the enhancement of the value by the Revenue is justified. 7. After having considered the submissions ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ction value. 8. Examining the provisions of Section 14 of the Customs Act, we find that the emphasis in respect of the assessable value is on the price actually paid or payable for the goods when sold for export to India for delivery at the time and place of importation. It is clear that the time and place of importation refers to the price of the goods either actually paid by the importer or to be payable by him in future. The reference to time of importation cannot be interpreted in a manner so as to suggest that in respect of high value goods, whose value fluctuates on day-to-day basis, a fresh value has to be arrived at based upon the time at which the goods enter the Indian Territorial Borders. The reference to time is admittedly re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... se bid auction by the Italian Court was as is whereas basis and the jewellery was never allowed to be physically examined and weighed prior to their import. The bill of entry stand filed by them on the basis of weight declared in invoices and there is nothing on record to show that they paid extra price to the exporter for the alleged excess jewellery. 11. We note that it is not a regular case of import of jewellery the declarations in the bill of entry were made based upon the invoice issued by M/s Graser, Italy, which has the stamp of approval by the Court of Bassano Del Grappa, Italy as also by the official liquidator. It is the total cost of the entire consignment, which stands paid by the assessee to the foreign exporter in terms of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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