Rejection of transaction value declared by appellant was...

Rejection of transaction value declared by appellant was improper as it lacked cogent and comparable evidence from contemporaneous imports. Adjudicating authority failed to consider appellant's evidence on contemporaneous lower-value imports and provide details of higher adopted values. Valuation rules were not followed systematically for re-determining assessable value. Penalty imposed on appellant's partner u/s 114AA lacked requisite ingredients. Impugned order set aside, appeal allowed by Customs, Excise and Service Tax Appellate Tribunal.