https://www.taxtmi.com/caselaws?id=99117 Customs valuation must follow the prescribed sequential rules, and the declared transaction value cannot be displaced unless the earlier valuation methods are first considered and rejected on legally sustainable grounds. Rule 8 cannot be applied directly on the basis of market enquiry alone where there is no contemporaneous import of identical or similar goods. Where valuation fails but the import licence is absent, confiscation may still be sustained for that limited contravention, though redemption fine and penalty should be moderated. The goods remained liable to confiscation only for non-production of the import licence, and the monetary liabilities were reduced. en-us Thu, 03 Aug 2000 00:00:00 +0530 Wed, 25 Jan 2012 12:17:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=99117 Customs valuation must follow the prescribed sequential rules, and the declared transaction value cannot be displaced unless the earlier valuation methods are first considered and rejected on legally sustainable grounds. Rule 8 cannot be applied directly on the basis of market enquiry alone where there is no contemporaneous import of identical or similar goods. Where valuation fails but the import licence is absent, confiscation may still be sustained for that limited contravention, though redemption fine and penalty should be moderated. The goods remained liable to confiscation only for non-production of the import licence, and the monetary liabilities were reduced. Case-Laws Customs Thu, 03 Aug 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=99117