Customs valuation under the Customs Act is distinct from DGFT...

Customs valuation under the Customs Act is distinct from DGFT value-based importability restrictions; the declared transaction value must be assessed under the Valuation Rules for ad valorem duty, while DGFT minimum import price regulates permissibility. The Tribunal noted that the adjudicating authority enhanced declared value without applying Valuation Rules, aligning it solely with policy conditions; once that enhanced value (USD 60) is accepted by the importer, the goods become compliant with the DGFT notification and liable neither to confiscation nor redemption penalties. The Tribunal emphasised that factual disclosure is essential because tribunals accept parties' submissions at face value.