New Delhi [India], March 28 (ANI): The Supreme Court has dismissed an appeal of the Customs Department filed against Adani Power Maharashtra Ltd. (APML), Adani 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, Adani 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 Adani 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 Adani," the release stated.
Customs Department then challenged Appellate Tribunal's orders before Supreme Court. (ANI)