COMMNR.OF CUSTOMS (PREV.), GUJARAT vs M/S. ATAM MANOHAR SHIP BREAKERS LTD.

The Supreme Court addressed the valuation of a vessel under the Customs Act, emphasizing the genuineness of an addendum to the Memorandum of Agreement (MoA) dated 13th April 1999, which reduced the price from US$ 9,70,960.23 to US$ 8,70,960.23. The Court found the addendum to be self-serving and lacking necessary details, thus rejecting the reduced valuation upheld by the lower authorities. The Court set aside the impugned judgment and allowed the Civil Appeal of the Department, reinstating the original price for customs assessment purposes.