https://www.taxtmi.com/caselaws?id=85542 Declared invoice value for an imported second-hand car may be rejected where it does not reflect the correct assessable value, including omitted reconditioning and freight charges; valuation is then to be redetermined on the accepted basis with reference to the World Car Catalogue price and appropriate adjustments. On depreciation, the original allowance of 46% was found inadequate for a 1984 model imported in 1989, and later beneficial governmental instructions increasing the permissible depreciation for second-hand cars were applied, requiring a revised allowance of 52%. The assessment was sustained in principle, but the assessable value had to be revised, granting partial relief to the importer. en-us Tue, 23 Jul 1996 00:00:00 +0530 Fri, 05 Aug 2011 17:11:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=85542 Declared invoice value for an imported second-hand car may be rejected where it does not reflect the correct assessable value, including omitted reconditioning and freight charges; valuation is then to be redetermined on the accepted basis with reference to the World Car Catalogue price and appropriate adjustments. On depreciation, the original allowance of 46% was found inadequate for a 1984 model imported in 1989, and later beneficial governmental instructions increasing the permissible depreciation for second-hand cars were applied, requiring a revised allowance of 52%. The assessment was sustained in principle, but the assessable value had to be revised, granting partial relief to the importer. Case-Laws Customs Tue, 23 Jul 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=85542