Delhi/Hyderabad, March 28 (Maxim News): The Supreme Court has dismissed the customs department appeal against Adani Power Maharashtra Ltd (APML), Adani Power Rajasthan Ltd (APRL), and others in alleged over-valuation of imported goods.
A bench comprising Justices Krishna Murari and Sanjay Karol, after hearing detailed arguments in the matter from both sides, dismissed the appeal filed by the Customs department against APML, APRIL, and others.
According to the counsel familiar with the development, the Supreme Court found that the project cost of APML and APRL was either similar or lower than the price of competitors. The counsel added that the price was lesser than the benchmark per megawatt cost fixed by Central Electricity Regulatory Commission (CERC) and the contract was an EPC contract awarded to the lowest bidder following worldwide bidding called International Competitive Bidding (ICB).
The Supreme court upheld the findings of both the lower authorities i.e. adjudicating authority as well as the appellate tribunal and confirmed that there was no overvaluation in the port of capital goods. The top court dismissed the custom’s appeal. (Maxim News)
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