https://www.taxtmi.com/caselaws?id=116538 The Tribunal upheld the decision of the Commissioner (Appeals) regarding the rejection of the transaction value by the Revenue, emphasizing the need for proper procedure and valid reasons for valuation rejections. It recognized the unfair dismissal of the first Chartered Engineer's valuation and affirmed the violation of import policy for second-hand machinery, leading to confiscation. The Tribunal deemed the confiscation valid but reduced the redemption fine and penalty, highlighting the importance of reasonable decisions in such matters. Ultimately, the Tribunal dismissed the Revenue's appeal, stressing adherence to proper procedures and justifiable penalties. en-us Wed, 14 Sep 2005 00:00:00 +0530 Wed, 13 Jun 2012 13:41:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=116538 The Tribunal upheld the decision of the Commissioner (Appeals) regarding the rejection of the transaction value by the Revenue, emphasizing the need for proper procedure and valid reasons for valuation rejections. It recognized the unfair dismissal of the first Chartered Engineer's valuation and affirmed the violation of import policy for second-hand machinery, leading to confiscation. The Tribunal deemed the confiscation valid but reduced the redemption fine and penalty, highlighting the importance of reasonable decisions in such matters. Ultimately, the Tribunal dismissed the Revenue's appeal, stressing adherence to proper procedures and justifiable penalties. Case-Laws Customs Wed, 14 Sep 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=116538