COMMISSIONER OF CUSTOMS, PUNE Vs. KANHAIYALAL AND CO.

JUDGEMENT

(1.) We have been taken through the facts of the present case and find that one strong justification given by the respondent was that there was huge devaluation in the foreign exchange, i.e., Lira of Turkey in comparison to the foreign exchange, viz., the US dollar, and this devaluation was more than 100 per cent. That itself would have impacted the price at which the goods were imported by the respondent and that the value of imported goods was declared at US dollars 900 per metric tonne and the Bill of Entry was cleared at US dollars 900 per metric tonne after clearing freight etc., as compared with the value at which the customs authorities have arrived at, that is US dollars 1200 per metric tonne. This reason alone persuades us not to interfere with the orders passed by the CESTAT. Appeal is, accordingly, dismissed.