https://www.taxtmi.com/caselaws?id=75249 Declared transaction value under the Customs Valuation Rules, 1988 may be questioned where contemporaneous imports of identical or similar goods provide a basis for inquiry, but a mere minor price variation is not enough to discard the invoice price. If the importer supports the declared value with a genuine supply contract and surrounding commercial evidence, the department must rebut that explanation with material evidence before enhancing value. Where transaction value is rejected, valuation must then proceed sequentially under Rules 5 to 8. On the stated facts, the contract price was substantiated and the Revenue failed to dislodge it, so rejection of the declared value was not justified. en-us Tue, 23 Jun 2009 00:00:00 +0530 Fri, 02 Apr 2010 11:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=75249 Declared transaction value under the Customs Valuation Rules, 1988 may be questioned where contemporaneous imports of identical or similar goods provide a basis for inquiry, but a mere minor price variation is not enough to discard the invoice price. If the importer supports the declared value with a genuine supply contract and surrounding commercial evidence, the department must rebut that explanation with material evidence before enhancing value. Where transaction value is rejected, valuation must then proceed sequentially under Rules 5 to 8. On the stated facts, the contract price was substantiated and the Revenue failed to dislodge it, so rejection of the declared value was not justified. Case-Laws Customs Tue, 23 Jun 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=75249