GALAXY EARTH MOVER PVT. LTD. Vs. CC, ICD

JUDGEMENT

(1.) APPELLANT imported a consignment of Copper Wire Scrap from Germany. The customs authorities rejected the transaction value and assessed the goods based on London Metal Exchange (LME) Bulletine Price.

(2.) THE submission of the appellant is that the method of valuation adopted is entirely contrary to the settled law inasmuch as Customs Valuation Rules provides for assessment of goods at the transaction value. It is also pointed out that no material has been brought on record to show that the invoice price did not represent commercial transaction value. Learned Consultant appearing for the appellant has relied on a decision of this Tribunal in the case of Prabhu Dayal Prem Chand v. Commissioner of Customs, New Delhi, 2003 (156) ELT 922 in support of the contention that the revenue authorities should not have rejected the transaction value.

(3.) WE have perused the records and heard learned SDR also. Appellant's case is supported by the decision of this Tribunal. There was no ground for rejecting the transaction value. In these circumstances the appellant's submission regarding valuation is accepted. Revenue is ordered to re -assess the goods based on the invoice price and to refund the excess duty collected. The impugned orders have also held that the goods are liable to confiscation. Based on that finding redemption fine and penalty have been imposed. The liability to confiscation of the goods is not challenged before us. We find no reason to interfere with that part of the order. The appeal is partly allowed as indicated above.