https://www.taxtmi.com/caselaws?id=102966 Assessable value of imported goods may be enhanced under the Customs valuation rules where contemporaneous imports of identical or similar goods are not shown and the contract price is not established as governing the shipment; the importer's statement as to prevailing price can be used as relevant valuation material, and the enhancement was upheld. Penalty under Section 112(a) of the Customs Act, however, requires proof of deliberate undervaluation or culpable intent; because the record did not show intentional suppression or knowledge that the declared price was false, the penalty was not sustainable and was set aside. en-us Fri, 10 Dec 1999 00:00:00 +0530 Fri, 17 Feb 2012 12:15:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=102966 Assessable value of imported goods may be enhanced under the Customs valuation rules where contemporaneous imports of identical or similar goods are not shown and the contract price is not established as governing the shipment; the importer's statement as to prevailing price can be used as relevant valuation material, and the enhancement was upheld. Penalty under Section 112(a) of the Customs Act, however, requires proof of deliberate undervaluation or culpable intent; because the record did not show intentional suppression or knowledge that the declared price was false, the penalty was not sustainable and was set aside. Case-Laws Customs Fri, 10 Dec 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=102966