Differential Customs Duty Quashed as Valuation Must Be at Import Stage: CESTAT Chennai

HDFC Bank Ltd. Vs Commissioner of Customs (CESTAT Chennai) The Customs, Excise and Service Tax Appellate Tribunal, Chennai (CESTAT) examined whether differential customs duty could be demanded by rejecting the declared transaction value of imported gold bars based on higher amounts remitted to foreign suppliers at a later stage. The appeal arose from orders of the adjudicating authority and the Commissioner (Appeals) which had confirmed demands of differential duty under Section 28(1) of the Customs Act, 1962, on the ground that the importer had remitted amounts higher than the value declared ...