Freight/Insurance not Includable in Assessable Value: CESTAT quashes Order based on Extended Period of Limitation

CESTAT quashed an order that sought to include freight insurance in the assessable value of imported goods, ruling that the extended period of limitation had been wrongly applied. The tribunal held that freight insurance is not part of the assessable value for customs duty calculation purposes. This decision brings clarity to the treatment of such costs in import transactions, ensuring that importers are not unfairly burdened with additional duties due to misclassification.