COMMNR. OF CUSTOMS, VISHAKHAPATNAM vs M/S. AGGARWAL INDUSTRIES LTD.

The Supreme Court addressed appeals concerning the Customs Valuation (Determination of Price of Imported Goods) Rules, 1988, specifically Rule 4 and Section 14(1) of the Customs Act. The Court held that the transaction value of imported goods must reflect the price actually paid or payable, and that the Adjudicating Authority correctly rejected the contract price due to a significant increase in market prices after the shipment period expired. The Court upheld the Tribunal's decision to allow the appeals of the respondents, affirming that the original contract price was not acceptable as the transaction value under the relevant rules.