https://www.taxtmi.com/caselaws?id=83172 A later agreement substituting a new price for the original sale contract meant the import no longer fell within the firm-contract exception under the import policy, because a material term of sale had been altered and the policy protection was unavailable. The import was therefore treated as unauthorised for policy purposes. On customs valuation, the declared value of the second-hand machine was accepted because its condition and depreciation materially affected value and the department lacked reliable contemporaneous evidence to displace that value. Undervaluation was not established, so the enhanced assessment could not be sustained. en-us Mon, 12 Jul 1993 00:00:00 +0530 Mon, 11 Jul 2011 15:08:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=83172 A later agreement substituting a new price for the original sale contract meant the import no longer fell within the firm-contract exception under the import policy, because a material term of sale had been altered and the policy protection was unavailable. The import was therefore treated as unauthorised for policy purposes. On customs valuation, the declared value of the second-hand machine was accepted because its condition and depreciation materially affected value and the department lacked reliable contemporaneous evidence to displace that value. Undervaluation was not established, so the enhanced assessment could not be sustained. Case-Laws Customs Mon, 12 Jul 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=83172