Transaction value will be assessable value when buyer and seller are unrelated and price is sole consideration

Ore Cast (India) Vs Commissioner of Customs (CESTAT Kolkata) CESTAT Kolkata held that when buyer and seller are not related and the price is the sole consideration, the transaction value at the time and place of export will be the assessable value. Accordingly, customs duty paid at higher assessable value is directed to be refunded. Facts- M/s Ore Cast (India), engaged in import, export and Merchant trading as a Star Export House, exported 34000 MT of Iron Ore fines having Fe content of 61% (rejection level- below 60%) at a Unit price of USD 153 Per MT, as per Contract dated 13.04.2011. They h...