https://www.taxtmi.com/caselaws?id=118286 The Tribunal rejected the department's appeal and upheld the transaction value of US $750 PMT for imported cloves, emphasizing the genuine nature of the declared value and the supplier's forced compliance with the contract terms. The interpretation of Section 14 of the Customs Act, 1962 supported the acceptance of transaction value unless specific reasons exist to reject it. The relevance of contract terms, country of origin, and quality of imports was considered in determining the assessable value, highlighting the importance of honoring contract prices in customs valuation when supported by valid circumstances and legal principles. en-us Wed, 28 Jun 2006 00:00:00 +0530 Fri, 29 Jun 2012 16:42:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=118286 The Tribunal rejected the department's appeal and upheld the transaction value of US $750 PMT for imported cloves, emphasizing the genuine nature of the declared value and the supplier's forced compliance with the contract terms. The interpretation of Section 14 of the Customs Act, 1962 supported the acceptance of transaction value unless specific reasons exist to reject it. The relevance of contract terms, country of origin, and quality of imports was considered in determining the assessable value, highlighting the importance of honoring contract prices in customs valuation when supported by valid circumstances and legal principles. Case-Laws Customs Wed, 28 Jun 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=118286