M/S M.S.SHOES EAST LTD. vs COMMR.OF CUSTOMS,NEW DELHI

The Supreme Court upheld the Tribunal's decision regarding the valuation of a 1993 Rolls Royce car imported in 1996, stating that under Section 14 of the Customs Act, 1962, the assessable value must be determined at the time of importation, specifically on 31.8.1996. The Court clarified that post-import depreciation is not permissible for valuation purposes, as the relevant date for determining the transaction value is when the Bill of Entry is presented. The Court emphasized that delays in clearance do not affect the valuation date, affirming the Tribunal's ruling.