https://www.taxtmi.com/caselaws?id=118227 Customs valuation of a second-hand imported car followed the declared transaction value because the sale was genuine, involved an unrelated seller, and no recognised exception justified rejecting the invoice price. Post-import depreciation for delay in customs clearance was impermissible because valuation under the Customs Act must be based on the price at the time of importation, and hardship from detention does not alter that statutory basis. The assessment therefore proceeded on the declared transaction value without allowance for depreciation after import. en-us Wed, 24 May 2006 00:00:00 +0530 Fri, 29 Jun 2012 13:15:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=118227 Customs valuation of a second-hand imported car followed the declared transaction value because the sale was genuine, involved an unrelated seller, and no recognised exception justified rejecting the invoice price. Post-import depreciation for delay in customs clearance was impermissible because valuation under the Customs Act must be based on the price at the time of importation, and hardship from detention does not alter that statutory basis. The assessment therefore proceeded on the declared transaction value without allowance for depreciation after import. Case-Laws Customs Wed, 24 May 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=118227