https://www.taxtmi.com/caselaws?id=99095 Declared transaction value for imported goods may be rejected where reliable contemporaneous imports of identical goods show materially higher prices, including imports from the same manufacturer and country of origin. In that situation, assessable value may be determined under the residual valuation method with reasonable adjustment when the preferred valuation data is not dependable. Where undervaluation is discovered only through departmental investigation and the record supports misdeclaration, the extended limitation period under the Customs Act, 1962 may be invoked, and penalty may be sustained. en-us Wed, 26 Jul 2000 00:00:00 +0530 Wed, 25 Jan 2012 11:33:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=99095 Declared transaction value for imported goods may be rejected where reliable contemporaneous imports of identical goods show materially higher prices, including imports from the same manufacturer and country of origin. In that situation, assessable value may be determined under the residual valuation method with reasonable adjustment when the preferred valuation data is not dependable. Where undervaluation is discovered only through departmental investigation and the record supports misdeclaration, the extended limitation period under the Customs Act, 1962 may be invoked, and penalty may be sustained. Case-Laws Customs Wed, 26 Jul 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=99095