https://www.taxtmi.com/caselaws?id=121909 Valuation under Rule 7 of the Customs Valuation Rules, 1988 could not be sustained where the authority relied on indigenous company data rather than the sale price of the imported goods or identical or similar imported goods, because the statutory method required reference to those goods and permitted deductions only in that context; the matter was remitted for fresh valuation. Penalty under Sections 112 and 114A of the Customs Act, 1962 could not be proposed or imposed without the mandatory show cause notice and hearing required by Section 124, so penal action was unsustainable absent that procedure. en-us Mon, 11 Jun 2007 00:00:00 +0530 Tue, 07 Aug 2012 11:50:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=121909 Valuation under Rule 7 of the Customs Valuation Rules, 1988 could not be sustained where the authority relied on indigenous company data rather than the sale price of the imported goods or identical or similar imported goods, because the statutory method required reference to those goods and permitted deductions only in that context; the matter was remitted for fresh valuation. Penalty under Sections 112 and 114A of the Customs Act, 1962 could not be proposed or imposed without the mandatory show cause notice and hearing required by Section 124, so penal action was unsustainable absent that procedure. Case-Laws Customs Mon, 11 Jun 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=121909