https://www.taxtmi.com/caselaws?id=80339 The Appellate Tribunal CEGAT, New Delhi, ruled in favor of the appellant, an Indian national settled in the UK, in a case concerning the valuation of an imported Rolls Royce Silver Spur Car. The Tribunal directed the revenue authorities to assess the car based on the World Car Catalogue Price less a 15% discount, quashing the penalty imposed and emphasizing the appellant's innocence and lack of wrongful intent in the valuation discrepancy. The decision underscored the importance of international trade practices in determining customs valuation and provided relief to the appellant by overturning the penalty and ordering consequential actions. en-us Tue, 13 Feb 1990 00:00:00 +0530 Thu, 16 Jun 2011 11:53:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=80339 The Appellate Tribunal CEGAT, New Delhi, ruled in favor of the appellant, an Indian national settled in the UK, in a case concerning the valuation of an imported Rolls Royce Silver Spur Car. The Tribunal directed the revenue authorities to assess the car based on the World Car Catalogue Price less a 15% discount, quashing the penalty imposed and emphasizing the appellant's innocence and lack of wrongful intent in the valuation discrepancy. The decision underscored the importance of international trade practices in determining customs valuation and provided relief to the appellant by overturning the penalty and ordering consequential actions. Case-Laws Customs Tue, 13 Feb 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=80339