https://www.taxtmi.com/caselaws?id=73491 The Appellate Tribunal CEGAT, New Delhi, held that imported goods must be valued at prices ordinarily sold in international trade at the time of importation under Section 14 of the Customs Act, 1962. Negotiated lower prices obtained by importers before opening Letters of Credit cannot be considered if not reflective of prevailing market prices. The Tribunal emphasized that individual agreements for lower prices do not align with the standard valuation criteria. Consequently, the Tribunal upheld the customs valuation based on ruling prices at the time of opening Letters of Credit, dismissing the appeals and emphasizing the need for consistent valuation practices in international trade. en-us Thu, 31 Dec 1987 00:00:00 +0530 Wed, 01 Jun 2011 13:20:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=73491 The Appellate Tribunal CEGAT, New Delhi, held that imported goods must be valued at prices ordinarily sold in international trade at the time of importation under Section 14 of the Customs Act, 1962. Negotiated lower prices obtained by importers before opening Letters of Credit cannot be considered if not reflective of prevailing market prices. The Tribunal emphasized that individual agreements for lower prices do not align with the standard valuation criteria. Consequently, the Tribunal upheld the customs valuation based on ruling prices at the time of opening Letters of Credit, dismissing the appeals and emphasizing the need for consistent valuation practices in international trade. Case-Laws Central Excise Thu, 31 Dec 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=73491