https://www.taxtmi.com/caselaws?id=121263 Contemporaneous Customs examination and acceptance of the consignments supported the declared description of imported glass chatons as stock lots, and the Revenue's contrary reliance on statements and surrounding circumstances was insufficient to displace that evidence. For valuation, the assessee's disclosed year-wise values, treated as based on records consulted, could be used to redetermine assessable value under the residuary framework, while a supplier's prime-quality price list and any weighted-average method not found in the valuation rules could not replace the statutory basis. Penalty on the importing firm remained sustainable once under-valuation was upheld, but separate penalties on individual noticees were considered unnecessary in the circumstances. en-us Fri, 16 Mar 2007 00:00:00 +0530 Fri, 27 Jul 2012 17:56:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=121263 Contemporaneous Customs examination and acceptance of the consignments supported the declared description of imported glass chatons as stock lots, and the Revenue's contrary reliance on statements and surrounding circumstances was insufficient to displace that evidence. For valuation, the assessee's disclosed year-wise values, treated as based on records consulted, could be used to redetermine assessable value under the residuary framework, while a supplier's prime-quality price list and any weighted-average method not found in the valuation rules could not replace the statutory basis. Penalty on the importing firm remained sustainable once under-valuation was upheld, but separate penalties on individual noticees were considered unnecessary in the circumstances. Case-Laws Customs Fri, 16 Mar 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=121263