https://www.taxtmi.com/caselaws?id=73952 Where a second-hand imported machine is declared at a price that appears implausibly low and no reliable comparable market evidence is available, customs may reject the declared value and adopt best judgment valuation under the Customs Valuation Rules read with Section 14 of the Customs Act, using factors such as original cost, depreciation and the import-stage exchange rate. The redetermined value may also be used for import licence purposes where the declared price is not bona fide, and undervaluation may trigger confiscation for misdeclaration and licence shortfall, together with penalty. In the circumstances described, redemption fine and penalty were reduced because of prolonged detention and higher depreciation. en-us Wed, 09 Mar 1988 00:00:00 +0530 Sat, 04 Jun 2011 16:53:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=73952 Where a second-hand imported machine is declared at a price that appears implausibly low and no reliable comparable market evidence is available, customs may reject the declared value and adopt best judgment valuation under the Customs Valuation Rules read with Section 14 of the Customs Act, using factors such as original cost, depreciation and the import-stage exchange rate. The redetermined value may also be used for import licence purposes where the declared price is not bona fide, and undervaluation may trigger confiscation for misdeclaration and licence shortfall, together with penalty. In the circumstances described, redemption fine and penalty were reduced because of prolonged detention and higher depreciation. Case-Laws Customs Wed, 09 Mar 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=73952