JUDGMENT:

KAPADIA, J.

The dispute involved in this civil appeal is as regards the assessable value of the Ceramic Capacitors and Diodes imported by the importer from M/s Pearl Industrial Company of Hong Kong during the period February, 1996 to July, 1996. The importer had declared the price of Ceramic Capacitors @ Hong Kong $ 6 per 1000 pcs. and the CIF price of the consignment of diodes was declared as Hong Kong $ 29406.

2. The facts giving rise to this civil appeal are as follows. The respondent had imported six consignments of ceramic capacitors and one consignment of diodes from Hong Kong during the above period. The goods were shipped from Hong Kong by M/s Compo Export of Hong Kong and M/s Pearl Industrial Company of Hong Kong. The price of ceramic capacitors was declared by the respondent in its Bill of Entry @ HK$ 6.00 per 1000 pcs. whereas the price of diodes was declared @ HK $ 29406 CIF as reflected in the invoices. On 27.4.1998 a show cause notice was issued by the Assistant Commissioner of Customs, Calcutta alleging inter alia that as per the overseas investigation report of the Hong Kong Customs and Excise Department the declared price did not represent the transaction va