https://www.taxtmi.com/caselaws?id=86974 For customs valuation of second-hand imported machines, the domestic retail list price in the country of export could not be adopted because the valuation rules barred reliance on that market price. The assessable value had to be refixed on the basis of the manufacturer's invoices for comparable models, with depreciation applied from the accepted year of manufacture, which was taken as 1989. Confiscation was sustained because the declared value was found unreliable, but the redemption fine was reduced in each case and the penalty was partly reduced in one appeal while being confirmed in the other. en-us Thu, 15 May 1997 00:00:00 +0530 Mon, 29 Aug 2011 16:38:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=86974 For customs valuation of second-hand imported machines, the domestic retail list price in the country of export could not be adopted because the valuation rules barred reliance on that market price. The assessable value had to be refixed on the basis of the manufacturer's invoices for comparable models, with depreciation applied from the accepted year of manufacture, which was taken as 1989. Confiscation was sustained because the declared value was found unreliable, but the redemption fine was reduced in each case and the penalty was partly reduced in one appeal while being confirmed in the other. Case-Laws Customs Thu, 15 May 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=86974