Exports of Iron Ore must be assessed on Wet Metric Tonne (WMT) basis and not on Dry Metric Tonne (DMT) basis

OCL Iron and Steels Limited Vs Union of India (Orissa High Court) Conclusion: For export transactions occurring before the Finance Act, 2022 amendment, the determination of iron ore fines (Fe content) must be done on a Wet Metric Tonne (WMT) basis, rejecting the Dry Metric Tonne (DMT) method adopted by the Adjudicating Authority. Held: The writ petition assailed the Order-in-Original passed by the Commissioner of Customs (Preventive) whereby the export transactions of iron ore fines effected by assessee during the period prior to 01.05.2022 were finally assessed by determining Fe content on Dr...