https://www.taxtmi.com/caselaws?id=81480 Declared transaction value in customs valuation cannot be rejected merely because an earlier import of similar goods by the same importer fetched a higher price; the earlier import was not contemporaneous and suspicion alone was insufficient, so the value enhancement and misdeclaration-based confiscation were unjustified. Under the transitional import policy, protection for firm commitments depended on an irrevocable letter of credit opened before the cut-off date, and any extension after 31 March 1990 was treated as a fresh commitment; the later extension therefore defeated the policy benefit. The valuation challenge succeeded, but the import control objection sustained confiscation, with redemption fine and penalty reduced. en-us Wed, 05 Jun 1991 00:00:00 +0530 Sat, 25 Jun 2011 14:56:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=81480 Declared transaction value in customs valuation cannot be rejected merely because an earlier import of similar goods by the same importer fetched a higher price; the earlier import was not contemporaneous and suspicion alone was insufficient, so the value enhancement and misdeclaration-based confiscation were unjustified. Under the transitional import policy, protection for firm commitments depended on an irrevocable letter of credit opened before the cut-off date, and any extension after 31 March 1990 was treated as a fresh commitment; the later extension therefore defeated the policy benefit. The valuation challenge succeeded, but the import control objection sustained confiscation, with redemption fine and penalty reduced. Case-Laws Customs Wed, 05 Jun 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=81480