https://www.taxtmi.com/caselaws?id=84114 Invoice value for imported umbrella-frame components could not be rejected on the basis of a quotation and a backward calculation from the local selling price of complete umbrellas. The assessable value had to be determined under the prescribed sequential valuation method in the Customs Valuation Rules, 1988, and an ad hoc market-based approximation was impermissible. The record also did not show contemporaneous imports at the quoted price or any special relationship affecting the declared transaction value, and the sales confirmations supported the invoices. On that material, the declared transaction value could not be discarded. en-us Fri, 24 Feb 1995 00:00:00 +0530 Tue, 19 Jul 2011 17:55:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=84114 Invoice value for imported umbrella-frame components could not be rejected on the basis of a quotation and a backward calculation from the local selling price of complete umbrellas. The assessable value had to be determined under the prescribed sequential valuation method in the Customs Valuation Rules, 1988, and an ad hoc market-based approximation was impermissible. The record also did not show contemporaneous imports at the quoted price or any special relationship affecting the declared transaction value, and the sales confirmations supported the invoices. On that material, the declared transaction value could not be discarded. Case-Laws Customs Fri, 24 Feb 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=84114