https://www.taxtmi.com/caselaws?id=119932 Imported goods found on chemical examination to be thermal paper, though declared as light-weight coated paper, were treated as misdeclared because the description and tariff classification did not match the actual goods; confiscation and penalty were therefore maintainable in principle. However, declared value could not be enhanced merely on the basis of a supplier's statement about a similar price, absent reliable contemporaneous import evidence of identical goods or a lawful basis to reject the transaction value. The assessable value was restored to the declared transaction value, with corresponding reduction in redemption fine and penalty, while the misdeclaration finding was sustained. en-us Wed, 09 Aug 2006 00:00:00 +0530 Sat, 14 Jul 2012 12:10:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=119932 Imported goods found on chemical examination to be thermal paper, though declared as light-weight coated paper, were treated as misdeclared because the description and tariff classification did not match the actual goods; confiscation and penalty were therefore maintainable in principle. However, declared value could not be enhanced merely on the basis of a supplier's statement about a similar price, absent reliable contemporaneous import evidence of identical goods or a lawful basis to reject the transaction value. The assessable value was restored to the declared transaction value, with corresponding reduction in redemption fine and penalty, while the misdeclaration finding was sustained. Case-Laws Customs Wed, 09 Aug 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=119932