COMMNR. OF CUSTOMS, MUMBAI vs M/S. VISHAL EXPORTS OVERSEAS LTD.

The Supreme Court examined the appeal against the Customs, Excise & Gold (Control) Appellate Tribunal's decision allowing M/s. Vishal Exports Overseas Limited's claim for Duty Entitlement Pass Book (DEPB) benefits. The Court held that the Tribunal correctly determined the FOB value of the exported coffee mugs, rejecting the Revenue's claim of mis-declaration under Section 114 of the Customs Act. The Court emphasized that the Tribunal's findings were supported by the Export and Import Policy, affirming the assessee's entitlement to DEPB benefits based on the declared FOB value.