https://www.taxtmi.com/caselaws?id=95039 Declared import value could not be rejected merely because it was below London Metal Exchange prices, since enhancement under the Customs Valuation Rules required reliable evidence. Exchange prices may indicate market trends, but they do not by themselves displace transaction value. The seller's location in Singapore and shipment from Japan was not a sufficient basis to discard the declared value, and reliance on a different commodity's price was also insufficient. As no reliable contemporaneous import evidence supported the higher value, the declared value could not be enhanced and the departmental appeal failed. en-us Wed, 01 Nov 2000 00:00:00 +0530 Wed, 07 Dec 2011 14:44:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=95039 Declared import value could not be rejected merely because it was below London Metal Exchange prices, since enhancement under the Customs Valuation Rules required reliable evidence. Exchange prices may indicate market trends, but they do not by themselves displace transaction value. The seller's location in Singapore and shipment from Japan was not a sufficient basis to discard the declared value, and reliance on a different commodity's price was also insufficient. As no reliable contemporaneous import evidence supported the higher value, the declared value could not be enhanced and the departmental appeal failed. Case-Laws Customs Wed, 01 Nov 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=95039