Customs Cannot Replace Declared Export Value with Higher Market Price Without Justification

S.K. Sarawagi & Co. Pvt Ltd Vs Commissioner of Customs (CESTAT Hyderabad) The appeal concerned the valuation of iron ore fines exported by the appellant through two shipping bills in October 2010 under a contract with a buyer in Hong Kong, China. The goods consisted of 10,500 WMT of iron ore fines with 61% Fe content and a declared unit price of USD 115 PDMT FOB. The declared value was provisionally assessed pending test results and final documentation. During finalization of assessment, the adjudicating authority held that the declared price varied from contemporaneous export prices and a...