https://www.taxtmi.com/caselaws?id=122763 Transaction value for imported Palm Acid Oil could not be rejected merely because another importer paid a higher price; customs valuation required evidence that the declared price was non-commercial or that a recognised ground for rejection under the valuation rules existed. Where import prices fluctuated widely and no fixed market price was shown, the highest comparable import price could not be substituted without proof that the invoiced value was not the true transaction value. On the record, the declared value was accepted for assessment, the misdeclaration allegation failed, and the confiscation and penalty orders were unsustainable. en-us Tue, 21 Aug 2007 00:00:00 +0530 Thu, 12 Oct 2017 12:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=122763 Transaction value for imported Palm Acid Oil could not be rejected merely because another importer paid a higher price; customs valuation required evidence that the declared price was non-commercial or that a recognised ground for rejection under the valuation rules existed. Where import prices fluctuated widely and no fixed market price was shown, the highest comparable import price could not be substituted without proof that the invoiced value was not the true transaction value. On the record, the declared value was accepted for assessment, the misdeclaration allegation failed, and the confiscation and penalty orders were unsustainable. Case-Laws Customs Tue, 21 Aug 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=122763