https://www.taxtmi.com/caselaws?id=98091 The appellate tribunal ruled in favor of the appellant in a customs duty assessment case involving the valuation of an imported Mitsubishi Pajero car. The tribunal held that the value declared in the invoice should be accepted for duty calculation, rejecting the customs authorities' higher valuation. It was determined that there was no misdeclaration warranting confiscation or personal penalty under the Customs Act, 1962. The tribunal directed the duty assessment based on the declared value in the invoice, emphasizing the importance of legitimate depreciation and dismissing the need for confiscation or personal penalty. en-us Thu, 07 Oct 1999 00:00:00 +0530 Thu, 19 Jan 2012 11:51:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=98091 The appellate tribunal ruled in favor of the appellant in a customs duty assessment case involving the valuation of an imported Mitsubishi Pajero car. The tribunal held that the value declared in the invoice should be accepted for duty calculation, rejecting the customs authorities' higher valuation. It was determined that there was no misdeclaration warranting confiscation or personal penalty under the Customs Act, 1962. The tribunal directed the duty assessment based on the declared value in the invoice, emphasizing the importance of legitimate depreciation and dismissing the need for confiscation or personal penalty. Case-Laws Customs Thu, 07 Oct 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=98091