COMMNR. OF CUSTOMS, KOLKATA vs M/S. PEERLESS CONSULTANCY SERVICES P.LTD

The Supreme Court upheld the decision of the Customs Excise and Gold (Control) Appellate Tribunal, which had set aside the order of the Commissioner of Customs regarding the declared Present Market Value (PMV) of steel balls exported under the Duty Entitlement Pass Book (DEPB) Scheme. The Court found that the PMV declared was not more than 150% of the AR 4 value, and thus the allegations of over-invoicing and misdeclaration were not substantiated. The Court emphasized that the evidence presented did not support the claims of inflated values, leading to the conclusion that the respondent had not violated any customs regulations under the relevant guidelines.