Commnr. Of Customs, Vishakhapatnam vs M/S. Aggarwal Industries Ltd

The Supreme Court addressed the issue of customs valuation under Rule 4 of the Customs Valuation (Determination of Price of Imported Goods) Rules, 1988, specifically in relation to the acceptance of transaction value when shipment occurs after the agreed period. The Court held that the contract price could not be rejected solely based on the increase in market price post-shipment, emphasizing that the transaction value must reflect the agreed price unless evidence of additional payment is presented. The Court ultimately upheld the Tribunal's decision favoring the respondents, thereby allowing the appeals.