Supreme Court of India
Century Metal Recycling Pvt. Ltd. and v. Union of India and Others
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
For the reasons recorded below reject the contention of the respondents predicated on the letter of appellants dated 6th March, 2017 that the appellants did not seek provisional assessment of the bill of entry and had accepted and paid duty on the valuation done by the customs authorities.
Judgment, page 27
From the headnote
Customs Valuation (Determination of Value of Import ed Goods) Rules, 2007: rr.3, 12 – Appellants had been regularly importing aluminium waste as a raw material for manu facturing alluminium alloy – Case of appellants was that resp ondents- authorities discarded the declared transactional va lue and recomputed the consignment value – Held: As per s.1 4(1) of the Customs Act, value of the imported goods shall be the transac tional value of such goods, which means the price actually paid or pa yable for the goods when sold for export to India where the buyers and sellers are not related and the
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