https://www.taxtmi.com/caselaws?id=92213 Customs valuation of imported tung oil turned on whether the declared transaction value could be rejected in favour of contemporaneous import prices. The declared value was rejected because comparable imports showed higher prices, but the comparison had to follow the statutory hierarchy of identical goods, then similar goods, and the proper rule-based selection of the benchmark value. The common supplier alone was insufficient to justify adoption of one higher price. The assessable value was therefore reduced to the lower comparable value, with corresponding reduction of redemption fine, while the penalty was maintained. en-us Mon, 30 Aug 1999 00:00:00 +0530 Tue, 25 Oct 2011 16:55:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=92213 Customs valuation of imported tung oil turned on whether the declared transaction value could be rejected in favour of contemporaneous import prices. The declared value was rejected because comparable imports showed higher prices, but the comparison had to follow the statutory hierarchy of identical goods, then similar goods, and the proper rule-based selection of the benchmark value. The common supplier alone was insufficient to justify adoption of one higher price. The assessable value was therefore reduced to the lower comparable value, with corresponding reduction of redemption fine, while the penalty was maintained. Case-Laws Customs Mon, 30 Aug 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=92213