https://www.taxtmi.com/caselaws?id=258319 Declared transaction value for imported old and used computer monitors could not be rejected or enhanced merely on a Chartered Engineer's report, because the department failed to show contemporaneous higher imports, extra consideration, or other statutory grounds for rejection under the Customs Valuation Rules. The valuation was therefore to be accepted. The goods were nevertheless liable to confiscation for import without the required licence under Section 111(d) of the Customs Act, but the redemption fine and penalty were found disproportionate to the low profit margin and declared value, so they were reduced to 10% and 5% respectively. en-us Wed, 18 Feb 2015 00:00:00 +0530 Fri, 12 Feb 2016 14:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=258319 Declared transaction value for imported old and used computer monitors could not be rejected or enhanced merely on a Chartered Engineer's report, because the department failed to show contemporaneous higher imports, extra consideration, or other statutory grounds for rejection under the Customs Valuation Rules. The valuation was therefore to be accepted. The goods were nevertheless liable to confiscation for import without the required licence under Section 111(d) of the Customs Act, but the redemption fine and penalty were found disproportionate to the low profit margin and declared value, so they were reduced to 10% and 5% respectively. Case-Laws Customs Wed, 18 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=258319