https://www.taxtmi.com/caselaws?id=95798 Assessable value of an imported car cannot be fixed merely by reference to the prevailing domestic price in the foreign market; it must rest on contemporary evidence relevant to the importation, so the valuation adopted by the Commissioner was unsustainable. Redemption fine under section 125 of the Customs Act must be determined with due regard to market value; as that factor was not considered, the fine was not in accordance with law. The matter was remanded for fresh adjudication by the jurisdictional Commissioner after hearing the assessee and permitting all connected pleas. en-us Tue, 09 Jan 2001 00:00:00 +0530 Thu, 15 Dec 2011 11:00:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=95798 Assessable value of an imported car cannot be fixed merely by reference to the prevailing domestic price in the foreign market; it must rest on contemporary evidence relevant to the importation, so the valuation adopted by the Commissioner was unsustainable. Redemption fine under section 125 of the Customs Act must be determined with due regard to market value; as that factor was not considered, the fine was not in accordance with law. The matter was remanded for fresh adjudication by the jurisdictional Commissioner after hearing the assessee and permitting all connected pleas. Case-Laws Customs Tue, 09 Jan 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=95798