https://www.taxtmi.com/caselaws?id=206127 The Tribunal set aside the assessment order in the case involving the import of brass scrap, emphasizing compliance with Valuation Rules. It rejected the use of LME prices as the sole basis for determining fair value, noting that transaction value cannot be altered based on values declared in non-comparable imports. The Tribunal highlighted the importance of following Rule 4(2) of Valuation Rules, stating that the transaction value declared by importers can only be rejected under specific circumstances outlined in the rule. The appeal by M/s. Nilesh Metal Corporation was allowed based on valid contentions, overturning the best judgment assessment. en-us Wed, 08 Jun 2011 00:00:00 +0530 Wed, 12 Oct 2011 15:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=206127 The Tribunal set aside the assessment order in the case involving the import of brass scrap, emphasizing compliance with Valuation Rules. It rejected the use of LME prices as the sole basis for determining fair value, noting that transaction value cannot be altered based on values declared in non-comparable imports. The Tribunal highlighted the importance of following Rule 4(2) of Valuation Rules, stating that the transaction value declared by importers can only be rejected under specific circumstances outlined in the rule. The appeal by M/s. Nilesh Metal Corporation was allowed based on valid contentions, overturning the best judgment assessment. Case-Laws Customs Wed, 08 Jun 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=206127