COMMNR. OF CUSTOMS, CALCUTTA ETC.ETC. vs M/S. INDIAN OIL CORPORATION LTD.

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, stating that the Central Board of Excise and Customs' circular was binding and that demurrage is an extraordinary expenditure not included in the ordinary sale price. The appeal by the Commissioner of Customs was dismissed, affirming the Tribunal's ruling in favor of the respondent.