M/S. MANGALORE REF. & PETROCHEMICALS LTD vs COMMNR. OF CUSTOM, MANAGALORE

The Supreme Court addressed the issue of customs duty valuation under the Customs Act, 1962, specifically regarding the import of crude oil. The Court held that the duty should be assessed based on the quantity of goods at the time of import, not merely on the bill of lading, thereby affirming the principle that the taxable event occurs upon importation. The Court overturned the CESTAT's dismissal of the appeal, ruling in favor of the appellant, Mangalore Refineries & Petrochemicals Ltd., and clarifying the interpretation of 'transaction value' in the context of customs valuation.