https://www.taxtmi.com/caselaws?id=233425 Declared transaction value for imported goods could not be rejected merely on the basis of a quotation and unsupported contemporaneous material. Because the goods were purchased on a high sea sales basis and the declared price was backed by the bill of entry and commercial invoice, the Revenue needed positive evidence of comparable imports or other reliable material to justify enhancement under the Customs Valuation Rules, 1988. In the absence of such evidence, and where alleged undervaluation material was not included in the show-cause notice, valuation enhancement was held unsustainable. The related confiscation consequences and penalty also did not survive. en-us Tue, 09 Apr 2013 00:00:00 +0530 Thu, 07 Nov 2013 12:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=233425 Declared transaction value for imported goods could not be rejected merely on the basis of a quotation and unsupported contemporaneous material. Because the goods were purchased on a high sea sales basis and the declared price was backed by the bill of entry and commercial invoice, the Revenue needed positive evidence of comparable imports or other reliable material to justify enhancement under the Customs Valuation Rules, 1988. In the absence of such evidence, and where alleged undervaluation material was not included in the show-cause notice, valuation enhancement was held unsustainable. The related confiscation consequences and penalty also did not survive. Case-Laws Customs Tue, 09 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=233425