Timing mismatch in income recognition requires verification whether receipts were already taxed in an earlier year; matter remitted for fresh examinat...
FOB transaction value and export incentives: customs valuation cannot override contractual export benefits or support confiscation without valid proof...
Declared export transaction value cannot be substituted with a higher contemporaneous price unless the proper officer records cogent reasons to doubt the truth or accuracy of the declared value and follows the prescribed valuation procedure. The Tribunal noted that the adjudicating authority selected the highest comparable price even though other contemporaneous prices were lower, while no substantive doubt had been raised about the invoice value, sale contract, or Bank Realization Certificate. Applying the principle that transaction value is the rule and rejection is exceptional, it set aside the appellate order and remanded the matter for final assessment on the basis of the transaction value reflected in the Bank Realization Statement.
Declared export transaction value cannot be substituted with a higher contemporaneous price unless the proper officer records cogent reasons to doubt the truth or accuracy of the declared value and follows the prescribed valuation procedure. The Tribunal noted that the adjudicating authority selected the highest comparable price even though other contemporaneous prices were lower, while no substantive doubt had been raised about the invoice value, sale contract, or Bank Realization Certificate. Applying the principle that transaction value is the rule and rejection is exceptional, it set aside the appellate order and remanded the matter for final assessment on the basis of the transaction value reflected in the Bank Realization Statement.
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