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TMI Blog2016 (11) TMI 301X X X X Extracts X X X X X X X X Extracts X X X X ..... ppellant, M/s.Associated Cement Co. Ltd. imported Fused Magnesia and declared the price of US $ 326 PMT. The invoice description was Fused Magnesia 97% (2:1) LC White . Contemporary import of identical goods was noted at price in excess of US $ 853.3 PMT. Thus applying Rule 10A the assessable value was enhanced from US $ 326 PMT to US $ 853.3 PMT. For this purpose reliance has placed on the decisi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rice and the adjudicating authority has failed to mention the clause of sub-rule 2 under which the transaction value has been rejected. It has been argued that no reasons have been given by the adjudicating authority as well as appellate authority for rejecting the declared price. 3. The learned AR argued that the Hon'ble Supreme Court in the case of Shibani Engineering Systems (supra) has observ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rule 2 of Rule 4 of the Customs Valuation Rules, 1988 which mandates that the transaction value can be rejected if the sale involves a discount from ordinary competitive prices. 4. We have gone through the rival submissions. We find that the appellant have argued that Revenue has accepted import of goods at US $ 325/327 PMT from Vizag and have rejected the price of US $ 326 PMT in the case of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cumstances involving import from a trader, where the manufactures invoice was not produced, that ridiculously low price can be rejected. In the instant case, the price declared was less than 40% of the contemporary import price and therefore, it was rightly rejected. Furthermore, the appellants have contested that what they have imported is of 97% purity and the purity of the contemporary imports ..... X X X X Extracts X X X X X X X X Extracts X X X X
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