Commnr.Of Customs (Prev.), Gujarat vs M/S. Atam Manohar Ship Breakers Ltd

The Supreme Court addressed the valuation of a ship imported by M/s. Atam Manohar Ship Breakers Ltd., focusing on the validity of an addendum to the Memorandum of Agreement (MoA) that reduced the price from USD 9,70,960.23 to USD 8,70,960.23. The Court found the addendum to be self-serving and lacking in genuineness, as it did not specify the date of execution or reasons for the price reduction. Consequently, the Court set aside the lower judgments and upheld the original valuation of the vessel at USD 9,70,960.23, ruling in favor of the Department.