Custom
TRT-2025-
Cestat Ahmedabad
Date:-10-04-23
In:-
Issue Favourable to Tax Payer ?:-
Order date – 10th April 2023
Parties – Jindal Saw Ltd Vs C.C.E. & S.T.-Rajkot
Facts –
- The Appellant, M/S. JINDAL SAW LTD., has filed the present appeal wherein the department has raised the demand on the basis currency exchange rate as per the date on which ex-bond bill of entry is filed.
- The appellant's Learned Counsel has argued that the goods were warehoused under Section 46 of the Customs Act and were later cleared for domestic consumption on payment of duty under Section 68 of the Customs Act.
- It is submitted that the law is clear that the exchange rate applicable on the date of warehousing should be applied for valuation purposes. Additionally, the Commissioner (Appeals) has allowed the benefit of limitation by treating the normal period of limitation as one year.
Issue –
- Whether the currency exchange rate applicable to imports should be determined based on the date when the bill of entry is filed or the date when the ex-bond bill of entry is filed.
Order –
- The Tribunal, on examining the case of Shri Maharaja Industries, 2007 (207) ELT 270 (Tri.-Chennai.), wherein it clearly holds that the exchange rate applicable will be the rate on the date the warehousing bill of entry was filed.
- Therefore, the demand cannot be sustained and the appeal is allowed.
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