Kl deemed university, University in Guntur, India

New Delhi [India], March 28 : The Supreme Court has dismissed an appeal of the Customs Department filed against Ad Power Maharashtra Ltd. (APML), Ad Power Rajasthan Ltd. (APRL), Maharashtra Eastern Grid Power Transmission Co. Ltd. (MEGPTCL) and others in alleged over-valuation of imported goods matter.A bench of Justices Krishna Murari and Sanjay Karol in its order stated, "We are of the considered opinion that the matters are concluded by the findings of fact recorded by the authorities below and the impugned order(s) does not require any interference at our behest. The appeals accordingly stand dismissed."The apex court after hearing both sides dismissed the appeals filed by Customs Department against APML, APRL, MEGPTCL and others.The top court found that the project cost of APML, APRL and MEGPTCL was either similar or lower than the price of peers/competitors, Ad Group in a press release stated."Price is lesser than the benchmark per megawatt cost fixed by Central Electricity Regulatory Commission. The Contract was an EPC contract awarded to the lowest bidder following worldwide bidding called International Competitive Bidding," it added.The top court thereby upheld the findings of both the lower authorities i.e. Adjudicating Authority and Appellate Tribunal (CESTAT). It confirmed that there was no overvaluation in the import of capital goods.APML and APRL following International Competitive Bidding (ICB) imported goods required for setting up Thermal Power Projects in the state of Maharashtra and Rajasthan, a press release from Ad Group said.Likewise, a consortium led by PMC Projects (India) Pvt. Ltd. was awarded the contract following ICB, imported goods for setting up of a Transmission Line and Substation package for MEGPTCL, it added.In May 2014, the Directorate of Revenue Intelligence (DRI) issued SCNs to APML, APRL, MEGPTCL and others alleging over-valuation in the import of capital goods."In 2017, the Adjudicating Authority of DRI i.e. the same authority who issued the SCNs after dealing with them in detail, held that all the imports were genuine being undertaken at arm's length and concluded that the value declared is correct is not required to be re-determined. SCN was dropped. On appeal by Customs Department, Appellate Tribunal after hearing both sides elaborately, in 2022 dismissed the appeal filed by Customs Department and confirmed that there was no overvaluation while importing the equipment by Ad," the release stated.Customs Department then challenged Appellate Tribunal's orders before Supreme Court.Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Kl Deemed UniversityFOLLOW

Kl deemed university, Latest News

New Delhi [India], March 28 : The Supreme Court on Tuesday, while hearing the plea of Nationalist Congress Party ... ...

New Delhi, March 28 Indian goods and services exports are set to cross the $760 billion mark in ... ...

New Delhi [India], March 28 : Union Civil Aviation Minister Jyotiraditya Scindia on Tuesday said that India will become ... ...

New Delhi [India], March 28 : If you have a picture clicked with Prime Minister Narendra Modi and don't ... ...

New Delhi, March 28 As realme's Madhav Sheth accepts the new role of VP for Business and Corporate ... ...

Mumbai (Maharashtra) [India], March 28 : Teaming up with international names for making a Hindi movie or a South ... ...

Pune (Maharashtra) [India], March 28 : Defence Minister Rajnath Singh on Tuesday said that management is an important factor ... ...

New Delhi [India], March 28 : The Supreme Court has dismissed an appeal of the Customs Department filed against ... ...