https://www.taxtmi.com/caselaws?id=91916 Declared value of second-hand imported machinery cannot be rejected merely because another machine of the same make and year was imported at a higher CIF price. For valuation to be enhanced on a comparable-import basis, the department must show that the relied-upon machine was truly comparable in condition, extent of use, residual life and state at the time of importation. A Chartered Engineer's certificate may support the value of a new machine of the same kind, but it does not by itself justify rejection of the declared value of used machinery. Depreciation guidance for second-hand machinery was treated as a proper basis for valuation, and the allegation of undervaluation was not established. en-us Mon, 19 Jul 1999 00:00:00 +0530 Fri, 21 Oct 2011 18:05:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=91916 Declared value of second-hand imported machinery cannot be rejected merely because another machine of the same make and year was imported at a higher CIF price. For valuation to be enhanced on a comparable-import basis, the department must show that the relied-upon machine was truly comparable in condition, extent of use, residual life and state at the time of importation. A Chartered Engineer's certificate may support the value of a new machine of the same kind, but it does not by itself justify rejection of the declared value of used machinery. Depreciation guidance for second-hand machinery was treated as a proper basis for valuation, and the allegation of undervaluation was not established. Case-Laws Customs Mon, 19 Jul 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=91916