https://www.taxtmi.com/caselaws?id=87522 For imported used and second-hand machinery, assessable value may be determined on a reasonable comparable price basis, with depreciation reflecting age and condition where no exact market price for the identical machine is available. Exact identity of the comparable model is not essential if direct price data for the used equipment is lacking, because valuation must proceed on practical evidence rather than rigid matching. On that approach, the departmental valuation based on the price of a similar machine, adjusted for years of use, was upheld and the challenge to valuation failed. en-us Mon, 07 Apr 1997 00:00:00 +0530 Tue, 06 Sep 2011 15:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=87522 For imported used and second-hand machinery, assessable value may be determined on a reasonable comparable price basis, with depreciation reflecting age and condition where no exact market price for the identical machine is available. Exact identity of the comparable model is not essential if direct price data for the used equipment is lacking, because valuation must proceed on practical evidence rather than rigid matching. On that approach, the departmental valuation based on the price of a similar machine, adjusted for years of use, was upheld and the challenge to valuation failed. Case-Laws Customs Mon, 07 Apr 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=87522