Inconsistent Application of Customs Valuation Rules: CESTAT Sets Aside Order

S K Universal Pvt Ltd Vs Commissioner of Customs (CESTAT Mumbai) Introduction: The case of “S K Universal Pvt Ltd vs. Commissioner of Customs” heard by the Central Excise and Service Tax Appellate Tribunal (CESTAT) Mumbai revolves around the valuation of ‘cut and polished diamonds’ imported by the appellant. The dispute arose from a significant variation in the declared value and the value determined by a trade advisory panel. Detailed Analysis: 1. Background of the Case: The appellant, S K Universal Pvt Ltd, is an importer of ‘cut and polished diamonds.’ Th...