https://www.taxtmi.com/caselaws?id=120390 Import of red coral stones was treated as import of crude drugs requiring an actual user licence; the attempted clearance without producing the licence supported a finding that the decorative-use declaration was not accepted, so misdeclaration and confiscability were upheld. The declared transaction value, however, could not be rejected without complying with Rule 4(2) of the Customs Valuation Rules; because the statutory procedure for discarding the stated value was not followed, enhancement from the declared rate was held arbitrary and unsustainable, and the transaction value had to be accepted. The result was partial relief, with confiscation sustained but valuation and consequential monetary consequences reduced. en-us Tue, 09 Aug 2005 00:00:00 +0530 Thu, 19 Jul 2012 10:43:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=120390 Import of red coral stones was treated as import of crude drugs requiring an actual user licence; the attempted clearance without producing the licence supported a finding that the decorative-use declaration was not accepted, so misdeclaration and confiscability were upheld. The declared transaction value, however, could not be rejected without complying with Rule 4(2) of the Customs Valuation Rules; because the statutory procedure for discarding the stated value was not followed, enhancement from the declared rate was held arbitrary and unsustainable, and the transaction value had to be accepted. The result was partial relief, with confiscation sustained but valuation and consequential monetary consequences reduced. Case-Laws Customs Tue, 09 Aug 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=120390