https://www.taxtmi.com/caselaws?id=252847 Transaction value for stock lot LCD TVs was described as the proper basis of customs assessment under Section 14 of the Customs Act, 1962, and could be discarded only on cogent, tangible evidence. The article states that where the importer disclosed the nature of the goods as assorted stock lots sold on an as-is-where-is basis, mere suspicion, market inquiry, dealer inquiry, or NIDB data did not prove misdeclaration or under-valuation. In the absence of evidence of additional payment or flow-back of money, enhancement of assessable value was unsustainable, and the consequential redemption fine and penalty also could not be maintained. en-us Wed, 15 Oct 2014 00:00:00 +0530 Mon, 08 Jun 2015 16:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=252847 Transaction value for stock lot LCD TVs was described as the proper basis of customs assessment under Section 14 of the Customs Act, 1962, and could be discarded only on cogent, tangible evidence. The article states that where the importer disclosed the nature of the goods as assorted stock lots sold on an as-is-where-is basis, mere suspicion, market inquiry, dealer inquiry, or NIDB data did not prove misdeclaration or under-valuation. In the absence of evidence of additional payment or flow-back of money, enhancement of assessable value was unsustainable, and the consequential redemption fine and penalty also could not be maintained. Case-Laws Customs Wed, 15 Oct 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=252847