Importer liability extends to IEC holders who imported goods...

Importer liability extends to IEC holders who imported goods regardless of beneficial ownership, limiting joint demands to imports against each IEC. Redetermination of transaction value under the Customs Valuation Rules was invalid where based solely on proforma invoices or statements without compliance with the CVR and statutory procedures, so departmental revaluation and related duty demands were set aside. Electronic printouts and statements relied on by the Department were excluded for non compliance with statutory certification and examination requirements, rendering valuation and penalty claims unsustainable. Post import tampering of retail price stickers falls within excise machinery where established; penalties require mens rea and were not proved here.