Commissioner Of Customs, Calcutta Etc. ... vs M/S Indian Oil Corporation Ltd. & Anr

The Supreme Court ruled that demurrage charges do not form part of the assessable value of imported goods under Section 14 of the Customs Act, 1962. The Court upheld the Customs Excise and Gold (Control) Appellate Tribunal's decision, emphasizing that demurrage is an extraordinary expenditure and not an incident of ordinary sale. The Court clarified that the Central Board of Excise and Customs' circular was binding on the Revenue, thus rejecting the appellant's claim for including demurrage in the customs value assessment.