- (1.) It is the case of the petitioner that on or about 30th March, 2011 the petitioner entered into an agreement with M/s. Devi Resources Ltd. of Honkong for export of 20,000 Mts of Iron Ore Fines (+/-10%).
(2.) According to the petitioner, in terms of the contract between the petitioner and the foreign buyer, the price of the goods was US $ 85 per DMT and the weight of the goods was determinable on Dry Metric Ton basis. The weight of the Iron Ore Fines and the price adjustment were to be determined in terms of the contract.
(3.) Upon furnishing the shipping bill, the Assessing Officer enhanced the valuation of goods to US $ 103 per MT without assigning any reason and determined the weight on Wet Metric Ton basis. However, as the Chartered Vessel had arrived and had to take berth, the petitioner had no option but to pay the duty, which the petitioner did under protest.;