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TMI Blog2018 (7) TMI 1295X X X X Extracts X X X X X X X X Extracts X X X X ..... lated to Zinc of the highest purity (99.9%) - in the present case the purity of the Zinc is 87.2% and 88.3%. Therefore, the LME price is not comparable with the impugned goods. The Tribunal in the case of Jindal Strips Limited Vs. Commissioner of Customs, New Delhi [2001 (7) TMI 170 - CEGAT, COURT NO. I, NEW DELHI] observed that LME Bulletin Prices cannot be accepted as the basis of value in absence of corroborative evidences of contemporaneous import. The LME price of Zinc having 99.9% purity is not comparable with the imported zinc consignment of less than 90% purity - there is no reason to reject the transaction value as declared by the appellant - appeal allowed - decided in favor of appellant. - C/372 & 382/2008 - FO/A/76352-76 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... purity (99.9%). We find that in the present case the purity of the Zinc is 87.2% and 88.3%. Therefore, the LME price is not comparable with the impugned goods. The Tribunal in the case of Jindal Strips Limited Vs. Commissioner of Customs, New Delhi 2001 (133) ELT 570 (Tri-Del.) observed that LME Bulletin Prices cannot be accepted as the basis of value in absence of corroborative evidences of contemporaneous import. The relevant portion of the said decision is reproduced below:- 4 . We have considered the submissions of both the sides. As observed by the Supreme Court in Eicher Tractors Ltd., Rule 4 of the Customs Valuation (Determination of Price of Imported Goods) Rules, 1988 is directly relatable to Section 14(1) of the Customs Act. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n same country by another firm. In the present matter, the Department without citing any case of contemporaneous imports wants to enhance the value of the imported goods only on the basis of the LME price. We find substantial force in the submissions of the ld. Advocate that the LME Prices cannot be the sole basis for enhancing the value for the purpose of assessment. Similar views were expressed by the Tribunal in the case of Ruchi Associates v. Collector of Customs, 1992 (59) E.L.T. 155 (T) wherein it was held that theoretical prices worked out based on the LME Bulletin cannot be accepted as the basis in the absence of any corroborative evidence of import at the prices indicated. In Eicher Tractor s case the Apex Court did not approve t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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