https://www.taxtmi.com/caselaws?id=116533 The Appellate Tribunal CESTAT, Mumbai found in the case involving the misdeclaration of value of imported goods by M/s. Schlumberger Asia Services Ltd. that the assessable value should be based on the Gross Book Value (GBV) rather than the Net Book Value (NBV) due to depreciation. The Tribunal upheld the extended limitation period due to the suppression of facts by providing consolidated value instead of individual item values. The case was remanded for re-quantification of duty, fresh penalty determination, and re-determination of the redemption fine, emphasizing the importance of accurate valuation and depreciation considerations. en-us Fri, 09 Sep 2005 00:00:00 +0530 Wed, 13 Jun 2012 13:15:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=116533 The Appellate Tribunal CESTAT, Mumbai found in the case involving the misdeclaration of value of imported goods by M/s. Schlumberger Asia Services Ltd. that the assessable value should be based on the Gross Book Value (GBV) rather than the Net Book Value (NBV) due to depreciation. The Tribunal upheld the extended limitation period due to the suppression of facts by providing consolidated value instead of individual item values. The case was remanded for re-quantification of duty, fresh penalty determination, and re-determination of the redemption fine, emphasizing the importance of accurate valuation and depreciation considerations. Case-Laws Customs Fri, 09 Sep 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=116533