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TMI Blog2022 (8) TMI 334X X X X Extracts X X X X X X X X Extracts X X X X ..... i R P Parekh, Superintendent (AR) for the Revenue. ORDER This appeal arises against an Order-in-Appeal No. JMN-CUSTOM-000-APP-001-14-15 dated 10.04.2015 passed by the Commissioner of Customs (Appeals), Jamnagar. 2. Brief facts of the case are that Appellant has signed an MOA, dated 05-08-2013 with M/s. Karnak Holding Ltd. of British Virgin Island for purchase of vessel called 'MSC Antwerp' for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sel was delivered to the Appellant on 6.09.2013 at 16.30hrs as per Physical Delivery Certificate. The Bill of entry was assessed provisionally at the original price of USD 7,870,500/- mentioned in MOA. 3. The Provisional assessment was finalized by assessment order dated 25.08.2014, by which it was held that the transaction value of the Vessel has to be taken as USD 7,870,500/- which was mentione ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Customs Act, 1962. Ld. Commissioner (Appeals) have clearly erred in holding that since at the time of entry of vessel in territorial waters of India, the price was USD 7,870,500/- in terms of MOA, the same has to be taken as the transaction value for the purpose of Section 14 of the Customs Act, 1962 and that the reduced price agreed upon after the goods entered in territorial waters of In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 77 (Tri- Mum) 6. After hearing both sides and on perusal of the record, we find that the controversy at hand narrows down to the question whether the transaction value of the vessel is to be price mentioned in the original MOA or the reduced price indicated in the addendum. We are of the opinion that in light of the statutory provisions, the factum of actual payment of the price in terms of the a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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