https://www.taxtmi.com/caselaws?id=122457 Customs valuation requires acceptance of the declared transaction value where the price actually paid or payable is supported by a genuine contract, a letter of credit at the contracted rate, and no proven ground for rejection. Indicative international journal quotations do not, by themselves, establish a higher assessable value, and imports relied on for comparison must be truly comparable in quantity, timing and commercial circumstances. Where the importer's own contemporaneous transactions show lower prices for similar goods, and the goods are imported in large break-bulk quantities, price variation may be explained. Payment of duty under protest does not amount to acceptance of enhancement. The enhancement based on journal quotations and non-comparable imports was not sustainable, and the Revenue's appeal was dismissed. en-us Thu, 21 Oct 2004 00:00:00 +0530 Mon, 13 Aug 2012 17:52:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=122457 Customs valuation requires acceptance of the declared transaction value where the price actually paid or payable is supported by a genuine contract, a letter of credit at the contracted rate, and no proven ground for rejection. Indicative international journal quotations do not, by themselves, establish a higher assessable value, and imports relied on for comparison must be truly comparable in quantity, timing and commercial circumstances. Where the importer's own contemporaneous transactions show lower prices for similar goods, and the goods are imported in large break-bulk quantities, price variation may be explained. Payment of duty under protest does not amount to acceptance of enhancement. The enhancement based on journal quotations and non-comparable imports was not sustainable, and the Revenue's appeal was dismissed. Case-Laws Customs Thu, 21 Oct 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=122457