COCHIN REFINERIES LTD. Vs. COMMISSIONER OF CUSTOMS

JUDGEMENT

(1.) THE above -mentioned three Reference applications are against this Tribunal's Final Order Nos. 2458 to 2465/98 dated 24.11.1998. In the said final order applying the ratio of the Full Bench decision of the Hon'ble Bombay High Court as in , it had been held that the import of goods takes place into India no sooner than they enter the territorial waters of India and does not postpone till the goods are actually off landed on the landmass with respect to taxable event under the Customs Act. Hence, it was held that the village survey report at the Port of destination was the correct method to determine the quantity of petroleum products imported. In these reference applications, the applicants have submitted that the following questions of law arise out of the said order:

(2.) HEARD Shri Chandrashekhar Sr. Advocate and Shri A.K.J. Nambiar, Ld. Advocate for the applicants and Shri S. Sankaravadivelu, Ld. DR.

(3.) LD . DR submits that the duty on the product imported on ad valorem basis and therefore to determine the correct assessable value, the quantity held to be imported is relevant. Hence the issue concerns not merely the correct determination of the quantity imported but also the assessable value. Another matter which is concerned with valuation is not referable to the High Court. He further submits that the importers have not shown that the value and quantity as reflected in the bill of entry is not the true transaction value because they have paid less to the foreign supplier.