P. V. Subba Rao (

Drawback payable on market value of goods
Case BriefsTribunals/Commissions/Regulatory Bodies

“If the transaction value (FOB value) is so high, that the drawback due on the goods exceeds the market value of the goods, then, as per section 76(1)(b) of the Customs Act, 1962, no drawback shall be allowed.”

customs commissioner cannot re-determine FOB value
Case BriefsTribunals/Commissions/Regulatory Bodies

“The customs officer can reject the transaction value as the assessable value and re-determine it as per the Valuation Rules for the purpose of imposing duty, but this would not change the transaction value for the purpose of receiving foreign remittance.”