Deteriorated goods

Assessment of goods at the time of ex-bonding was not made on transactional value of goods but at the rate which was less than the declared transactional value of importer, though not substantially

Assessment was made on the basis of an agreed value between Pakistan Iron and Steel Merchants Association and Customs Authorities for the period in question

After making assessment of goods on the basis of ascertained value, the authorities subsequently could not plead that assessment ought to have been made on the basis of transactional value of the goods

Customs authorities at the very first instance accepted plea of importer that goods which were not in accordance with the contract, were liable to be assessed in terms of S. 25(5) of Customs Act, 1969, on the basis of values of identical goods and not in terms, of S. 25(1) of Customs Act, 1969, on the basis of transactional value of the goods

High Court declined to interfere in the order passed by Customs, Excise and Sales Tax Appellate Tribunal

Reference was dismissed in circumstances.