Law: Customs Act, 1969

Section: 25

Customs Act (IV of 1969)---S.25---Value of goods, determination of---Once the goods had been cleared upon receipt of payment by the supplier and documents were negotiated, the letter of credit ceases to have effect and a formal amendment therein merely to enable the importer to claim discount at a higher rate did not have any legal sanctity. JUDGMENT SABIHUDDIN AHMED, J.--The petitioner imported certain auto parts from Japan under L/C No.216860 and 216861. The goods were released on 26-10-1983 and duties and taxes leviable were paid. However, the petitioner purported to seek the L/C amended on 26-12-1983 to substitute the figure relating to the quantity of supplies to a larger sum. It is claimed that while determining the import value of similar goods, some importers were given the facility of 45 % of discount in the notified purchase price. The extent of such discount to the petitioner, however, was only confined to 35 % despite the fact that the petitioner had himself sought enhancement of value in the L/C. All the…

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