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of <h1>Customs Can Disregard Declared Values if Undervaluation Suspected per Section 14(1) of Customs Act. Importers Must Justify Prices.</h1> The circular addresses the determination of the value of imported goods under the Customs Valuation Rules, 1988, in cases of suspected undervaluation. It emphasizes that Section 14(1) of the Customs Act allows customs authorities to disregard declared transaction values when there is prima facie evidence of undervaluation, such as manufacturer price lists or previously accepted customs values. Importers must justify discrepancies if their declared prices are significantly lower than known prices. The circular references a tribunal order affirming customs authority decisions without concrete fraud evidence, highlighting its relevance for assessing officers.
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