https://www.taxtmi.com/caselaws?id=218350 Transaction value remains the primary basis for customs assessment under Section 14 of the Customs Act, 1962 read with the Customs Valuation Rules, 1988, and it cannot be rejected merely because contemporaneous imports reflect a higher price. The Revenue must show cogent material creating a real doubt about the truth or accuracy of the declared value, including reliable comparability of the cited imports in identity, similarity, quantity, and commercial terms. Reliance only on NIDB data, without evidence of extra consideration, abnormal discount, or other concrete reasons to displace the declared price, is insufficient. Accordingly, rejection of the declared transaction value and enhancement of assessable value were not justified. en-us Mon, 21 Nov 2011 00:00:00 +0530 Wed, 19 Sep 2012 11:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=218350 Transaction value remains the primary basis for customs assessment under Section 14 of the Customs Act, 1962 read with the Customs Valuation Rules, 1988, and it cannot be rejected merely because contemporaneous imports reflect a higher price. The Revenue must show cogent material creating a real doubt about the truth or accuracy of the declared value, including reliable comparability of the cited imports in identity, similarity, quantity, and commercial terms. Reliance only on NIDB data, without evidence of extra consideration, abnormal discount, or other concrete reasons to displace the declared price, is insufficient. Accordingly, rejection of the declared transaction value and enhancement of assessable value were not justified. Case-Laws Customs Mon, 21 Nov 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=218350