https://www.taxtmi.com/caselaws?id=99794 Declared import value cannot be rejected, and confiscation cannot rest on misdeclaration, unless reliable evidence shows that the goods were falsely described or that the transaction value was unreliable under the Customs Valuation Rules, 1988. On the facts, the record did not establish that the consignments were prime virgin material misdescribed as wide spec/off grade, and the surrounding documents supported the declared description. The imports were made under valid contracts and letters of credit, with no evidence of extra-commercial consideration, so rejection of transaction value and re-determination of assessable value were not justified. Confiscation, redemption fine, penalties and valuation enhancement were therefore set aside. en-us Fri, 04 Aug 2000 00:00:00 +0530 Mon, 30 Jan 2012 11:44:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=99794 Declared import value cannot be rejected, and confiscation cannot rest on misdeclaration, unless reliable evidence shows that the goods were falsely described or that the transaction value was unreliable under the Customs Valuation Rules, 1988. On the facts, the record did not establish that the consignments were prime virgin material misdescribed as wide spec/off grade, and the surrounding documents supported the declared description. The imports were made under valid contracts and letters of credit, with no evidence of extra-commercial consideration, so rejection of transaction value and re-determination of assessable value were not justified. Confiscation, redemption fine, penalties and valuation enhancement were therefore set aside. Case-Laws Customs Fri, 04 Aug 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=99794