High Court of Bombay allows importer's writ petition challenging Settlement Commission order that failed to apply lowest transaction value rule for identical goods under Customs Valuation Rules; directs reduction of duty demand from Rs.23,01,077 to Rs.3 lakhs. Court holds that Settlement Commission is bound by the Customs Act and Valuation Rules, and must adopt the lowest of multiple identical goods' transaction values when available.
27 Jul 2010The dispute arose from imports of electronic goods by the petitioner during 1995-96. The Directorate of Revenue Intelligence investigated alleged unde...
