https://www.taxtmi.com/caselaws?id=125777 Mis-declaration of an imported vehicle's model year, description and value led Customs to treat the declared transaction value as unreliable. On the basis of examination findings, Section 108 statements and supporting documents, the declared description was found inconsistent with the record, justifying rejection of the declared value and reassessment under Rule 8 of the Customs Valuation Rules, 1988 using list price, trade discount and depreciation. The mis-declaration also attracted confiscation under Sections 111(d) and 111(m) of the Customs Act, 1962 and penalty under Section 112(a). The confiscation and reassessment were upheld, while the redemption fine and penalty were reduced. en-us Mon, 12 Jan 2009 00:00:00 +0530 Tue, 30 Oct 2012 10:49:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=125777 Mis-declaration of an imported vehicle's model year, description and value led Customs to treat the declared transaction value as unreliable. On the basis of examination findings, Section 108 statements and supporting documents, the declared description was found inconsistent with the record, justifying rejection of the declared value and reassessment under Rule 8 of the Customs Valuation Rules, 1988 using list price, trade discount and depreciation. The mis-declaration also attracted confiscation under Sections 111(d) and 111(m) of the Customs Act, 1962 and penalty under Section 112(a). The confiscation and reassessment were upheld, while the redemption fine and penalty were reduced. Case-Laws Customs Mon, 12 Jan 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=125777