Transaction value in Bill of entry cannot be rejected without cogent reasons

Hanuman Weaving Factory Vs Commissioner of Customs (CESTAT Chennai) Introduction: In a recent case before the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) Chennai, the issue revolved around the transaction value of silk yarn and the demand for excise duty. The tribunal ruled that the rejection of the transaction value should be supported by cogent reasons. This article provides a comprehensive analysis of the case, including its background, key arguments, and the tribunal’s decision. Background of the Case: The appellant, Hanuman Weaving Factory, filed a Bill of Entry for...