Prices of transacted goods can be determined only on transaction date

Viraj Impex Pvt. Ltd. Vs Commissioner of Customs (I) (CESTAT Mumbai) It is settled principle of the commercial transactions that the prices of the transacted goods can be determined only on the date of transaction and not on any other date whether previous or subsequent. The prices may fluctuate on account of the vagaries of market but the contractual price agreed upon by the contracting parties would be sacrosanct unless the contract provides so. The contractual price entered between the parties need to be tested against the prevailing market prices on the date of contract rather than any sub...