https://www.taxtmi.com/caselaws?id=242574 Declared transaction value of imported goods could not be rejected merely by comparing the import price with raw material prices in India, where no contemporaneous imports of identical or similar goods at a higher price were shown and the goods matched the declared description on examination. The upward revision of assessable value under the Customs Valuation Rules was therefore unsustainable. On that basis, the duty demand, confiscation under Section 111(m) of the Customs Act, and the penalty based on alleged misdeclaration of value were set aside. en-us Mon, 29 Jul 2013 00:00:00 +0530 Sat, 18 Jan 2014 10:36:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=242574 Declared transaction value of imported goods could not be rejected merely by comparing the import price with raw material prices in India, where no contemporaneous imports of identical or similar goods at a higher price were shown and the goods matched the declared description on examination. The upward revision of assessable value under the Customs Valuation Rules was therefore unsustainable. On that basis, the duty demand, confiscation under Section 111(m) of the Customs Act, and the penalty based on alleged misdeclaration of value were set aside. Case-Laws Customs Mon, 29 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=242574