https://www.taxtmi.com/caselaws?id=75474 Goods cleared into the domestic tariff area as rejects were found to be prime quality fabrics, as they were not stamped or certified as rejects and were sold in the market as regular goods; the reject benefit was therefore unavailable and the duty demand was sustainable. The declared sale price to a related buyer was not accepted as the true transaction value because it rested on that false premise; valuation had to follow the sequential customs valuation framework under the deductive method, with proper deductions for expenses, profit, transport, insurance, and taxes. The extended period of limitation and penalty provisions were held applicable, subject to fresh quantification on the corrected valuation basis. en-us Tue, 24 Mar 2009 00:00:00 +0530 Sun, 18 Apr 2010 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=75474 Goods cleared into the domestic tariff area as rejects were found to be prime quality fabrics, as they were not stamped or certified as rejects and were sold in the market as regular goods; the reject benefit was therefore unavailable and the duty demand was sustainable. The declared sale price to a related buyer was not accepted as the true transaction value because it rested on that false premise; valuation had to follow the sequential customs valuation framework under the deductive method, with proper deductions for expenses, profit, transport, insurance, and taxes. The extended period of limitation and penalty provisions were held applicable, subject to fresh quantification on the corrected valuation basis. Case-Laws Central Excise Tue, 24 Mar 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=75474