https://www.taxtmi.com/caselaws?id=76881 Transaction value under the Customs Valuation Rules can be rejected only on legally established grounds of reasonable doubt or recognised exceptions. The declared price for imported sulphuric acid, supported by commercial documents and banking payments, could not be displaced merely because contemporaneous imports showed a higher price, especially where the quantities differed and no cogent material showed undervaluation or fabricated invoices. As the declared value was not lawfully rejected under Section 14 read with Rule 12, sequential resort to Rule 5 was premature. The enhanced customs assessment was therefore set aside and the declared value restored for assessment. en-us Thu, 04 Feb 2010 00:00:00 +0530 Mon, 26 Jul 2010 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=76881 Transaction value under the Customs Valuation Rules can be rejected only on legally established grounds of reasonable doubt or recognised exceptions. The declared price for imported sulphuric acid, supported by commercial documents and banking payments, could not be displaced merely because contemporaneous imports showed a higher price, especially where the quantities differed and no cogent material showed undervaluation or fabricated invoices. As the declared value was not lawfully rejected under Section 14 read with Rule 12, sequential resort to Rule 5 was premature. The enhanced customs assessment was therefore set aside and the declared value restored for assessment. Case-Laws Customs Thu, 04 Feb 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=76881