REJECTION OF TRANSACTION VALUE
SUPREME COURT OF INDIA while deciding the Civil Appeal No. 7129 of 2002 on 23/4/08 in re: MOTOR INDUSTRIES CO. LTD vs COMMR. OF CUSTOMS, observed as follows: -
QUOTE: No special or extraordinary reasons have been recorded for rejecting the transaction value. It is settled law that unless transaction value is rejected for extraordinary or special reasons, the same has to be accepted. We agree with the submission made by Mr. Vellapally appearing for the assessee that the Tribunal has fallen in error in taking a decision contrary to the principle laid down by this Court in case of EICHER TRACTORS [2000-122-ELT-321(SC) and other decisions mentioned above. Under the circumstances, the impugned order of the Tribunal and the adjudicating authority are set aside and that of the first appellate authority is restored. The appeal is allowed accordingly. UNQUOTE
[for full text of the judgement please visit http://www.taxesinindia.com and click on the citation taxind_2009_sc_ca_7179]
SUPREMR COURT ORDERS
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