COMMISSIONER OF CUSTOMS,MUMBAI vs M/S. J.D. ORGOCHEM LIMITED

The Supreme Court addressed the jurisdiction of the assessing officer under the Customs Act, 1962, specifically Sections 2(41) and 14(1), regarding the rejection of declared transactional value by the importer. The Court upheld the Tribunal's decision that the importer provided justifiable reasons for the reduced price of goods, emphasizing that the onus of proof lies with the department to demonstrate the non-genuineness of the invoice price. Consequently, the appeal was dismissed, affirming the Tribunal's ruling that the declared value should not be rejected.