9911796707
TMI Blog2024 (6) TMI 398X X X X Extracts X X X X X X X X Extracts X X X X ..... imported goods for the purpose of levy of duty - value to be adopted for the purpose of levy of duty - whether the declared value as per the Bill of Entry or the actual payment made to the High Seas Seller by the importer? - HELD THAT:- From the records, it is clear that the price of the imported product Muriate of Potash is USD 484.75 PMT and the price paid to the High Seas Seller is also USD 484.75 PMT. The differential value arose only on account of the exchange rate, the exchange rate was Rs.50.05 per US Dollar on the date of filling of the Bill of Entry i.e. 28.11.2011 and on the date of actual payment by the appellant to the High Seas Seller, the exchange rate was Rs.62.68 per US Dollar and hence, the change in value from Rs.66,87,70, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... DER The appellant M/s. Rashtriya Chemicals and Fertilizers Ltd had filed a Bill of Entry No. 5311965 dated 28.11.2011 for the clearance of Muriate of Potash which was self-assessed declaring the value at USD 484.75 Per Metric Ton (PMT) and cleared the goods on payments of duty. At a later date, the audit had noticed that as per the High Seas Sales Agreement, the purchase price was USD 484.75 PMT and it is also mentioned that the seller had agreed to give 180 days credit from the date of Bill of Lading. On the 180th day, the payment made to the supplier in terms agreement was Rs. 66,87,70,836/-. Since at the time of clearance of the goods, the value of the goods was Rs. 66,87,70,836/- which was less than the actual amount paid to the seller ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... deration the exchange rate on the date of filing the Bill of Entry. He relied on the following decisions a. Fertilizers and Chemicals, Travancore Ltd. Vs. CC, Cochin: 2014 (300) E.L.T. (Tri-Bang.) b. Sunshine Metal Alloys Industries Pvt. Ltd. Vs. Collr. of Cus., Kandla 2002 (139) E.L.T. 130 (Tri-Mumbai) c. Ever Bright Plastic Pvt. Ltd. Vs. Collector of Customs 1993 (65) E.L.T. 196 (Cal.) d. Trio Marketing Pvt. Ltd. Vs. UOI 2000 (122) E.L.T. 32 (Mad.) e. UMI Special Steel Ltd. Vs. CC, Bhubaneshwar 2001 (137) E.L.T. 174 (Tri-Cal) f. Tata Hitachi Construction Machinery Co. Ltd. Vs. C. C., Chennai 2019 (370) E.L.T. 1624 (Tri-Chennai) 2.3 The third issue is denial of exemption of CVD under Serial No.63 of the Notification No.4/2006 CE dated 01.0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ns that as the amount actually paid to the High Seas Seller was more than what was declared in the Bill of Entry. 4. Heard both Sides. The simple issue to be decided is what is the value to be adopted for the purpose of levy of duty; whether the declared value as per the Bill of Entry or the actual payment made to the High Seas Seller by the importer. 4.1 From the records, it is clear that the price of the imported product Muriate of Potash is USD 484.75 PMT and the price paid to the High Seas Seller is also USD 484.75 PMT. The differential value arose only on account of the exchange rate, the exchange rate was Rs.50.05 per US Dollar on the date of filling of the Bill of Entry i.e. 28.11.2011 and on the date of actual payment by the appella ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the seller shall be deemed to be related; (ii) the manner of determination of value in respect of goods when there is no sale, or the buyer and the seller are related, or price is not the sole consideration for the sale or in any other case; (iii) the manner of acceptance or rejection of value declared by the importer or exporter, as the case may be, where the proper officer has reason to doubt the truth or accuracy of such value, and determination of value for the purposes of this Section, 2 [(iv) the additional obligations of the importer in respect of any class of imported goods and the checks to be exercised, including the circumstances and manner of exercising thereof, as the Board may specify, where, the Board has reason to believe t ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
