https://www.taxtmi.com/caselaws?id=84588 Transaction value remains the primary basis for customs valuation under Section 14(1) and the Customs Valuation Rules, and it cannot be displaced merely because the imported goods are used or by applying a depreciation formula. The residual method under Rule 8 is only a last resort after the proper officer has material and recorded reasons to doubt the genuineness or acceptability of the declared value. Bare assertions or assumptions are insufficient; the authority must first establish a lawful basis for moving sequentially through the alternative valuation rules. en-us Mon, 06 Nov 1995 00:00:00 +0530 Fri, 22 Jul 2011 18:39:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=84588 Transaction value remains the primary basis for customs valuation under Section 14(1) and the Customs Valuation Rules, and it cannot be displaced merely because the imported goods are used or by applying a depreciation formula. The residual method under Rule 8 is only a last resort after the proper officer has material and recorded reasons to doubt the genuineness or acceptability of the declared value. Bare assertions or assumptions are insufficient; the authority must first establish a lawful basis for moving sequentially through the alternative valuation rules. Case-Laws Customs Mon, 06 Nov 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=84588