Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Customs - Highlights / Catch Notes

Home Highlights May 2024 Year 2024 This

Valuation of the seized goods - (i) Grey metal powder suspected ...


Tribunal Upholds Valuation Methods for Seized Goods, Adjusts Ruthenium Value to Rs. 3,00,000/kg, Recalculates Duty.

May 6, 2024

Case Laws     Customs     AT

Valuation of the seized goods - (i) Grey metal powder suspected to be Iridium, (ii) Grey metal powder suspected to be Ruthenium, (iii) Micro SD Memory cards, (iv) Stone beads ('Chaton') and (v) Branded watches - The adjudicating authority arrived at the valuation using various sources such as metal bulletins, NIDB data, purchase invoices, and website details. The Appellate Tribunal found the valuation to be appropriate except for Ruthenium, where it disagreed with the method used by the adjudicating authority. The Tribunal determined the value of Ruthenium at Rs. 3,00,000 per kg, which was within the range identified by the authority. Accordingly, the duty payable by the appellants was re-quantified based on the revised valuation.

View Source

 


 

You may also like:

  1. Rejection of declared transaction value under Valuation Rule 12, re-determination of value under Valuation Rules 4-9. Commissioner followed Rule 9, adopted actual values...

  2. Provisional release of detained goods - The department's insistence on a 100% bank guarantee of Rs. 25,00,000/- was deemed arbitrary and onerous, especially considering...

  3. The case involves imposition of penalty on a Customs House Agent (CHA) u/s 114 (iii) of the Customs Act 1962 for misusing drawback benefit through fraudulent exports....

  4. Absolute confiscation of counterfeit goods upheld as appellant relinquished title and claimed non-ownership. For other mis-declared goods, transaction value rejected u/r...

  5. Confiscation of smuggled gold bars/biscuits u/ss 111(b), 111(d), and 111(f) of the Customs Act, 1962. The appellants failed to establish the licit procurement of the...

  6. Income Tax: Limit of remuneration to working partners in partnership firms allowed as deduction increased - on first Rs 6,00,000 of book profit or loss, Rs 3,00,000 or...

  7. The Income Tax Appellate Tribunal upheld the Assessing Officer's invocation of Section 56(2)(viib) read with Rule 11UA for determining the fair market value of unquoted...

  8. Valuation of imported goods - The applicant's proposed valuation method, Transfer Pricing System and Steering Concept (TPuS) method also known as Resale Price...

  9. Valuation of imported goods - Admittedly, it is evident on the face of the record that deductive value was available before the Court below which have not been rejected...

  10. TP Adjustment - selection of most appropriate method (MAM) - Resale Price Method or Transactional Net Margin Method - Introduction of Fresh Comparables - Removal of 3%...

  11. Addition u/s 56(2)(viib) - Method of valuation of shares - closely held company issues its shares at a premium - The tribunal sided with the assessee, affirming the FMV...

  12. The CESTAT upheld the duty demand, confiscation of imported goods for non-fulfilment of export obligation u/s 111(o), imposition of redemption fine u/s 125, and...

  13. Applicability of the Foreign Exchange Regulation Act (FERA) provisions to a non-resident bank and its CEO. The bank was charged with contravening sections 64(2), 6(4),...

  14. The Appellate Tribunal (AT) upheld the Adjudicating Authority's finding that the Appellant contravened Section 3(a) of FEMA for an amount of US$ 99,770, and Sections...

  15. CESTAT upheld reclassification of imported high conductivity copper bus bars from CTI 7407 21 20 to CTI 7407 10 30, resulting in denial of FTA benefits under N/N....

 

Quick Updates:Latest Updates