https://www.taxtmi.com/caselaws?id=87159 Contemporaneous telexes, stock/value lists and admissions showed that the true import price was distributor price less 5%, so the declared transaction value could be rejected and the assessable value had to be recomputed on that proved basis with permissible additions for freight and insurance. The Collector's higher surrogate valuation was not sustainable. Deliberate undervaluation and extra consideration justified confiscation under Section 111(m) and penalty for misdeclaration, but confiscation under Section 111(d) based on the licensing objection was set aside. The penalty and consequential duty and redemption fine issues were remitted for fresh determination. en-us Fri, 16 May 1997 00:00:00 +0530 Sat, 03 Sep 2011 11:37:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=87159 Contemporaneous telexes, stock/value lists and admissions showed that the true import price was distributor price less 5%, so the declared transaction value could be rejected and the assessable value had to be recomputed on that proved basis with permissible additions for freight and insurance. The Collector's higher surrogate valuation was not sustainable. Deliberate undervaluation and extra consideration justified confiscation under Section 111(m) and penalty for misdeclaration, but confiscation under Section 111(d) based on the licensing objection was set aside. The penalty and consequential duty and redemption fine issues were remitted for fresh determination. Case-Laws Customs Fri, 16 May 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=87159