https://www.taxtmi.com/caselaws?id=259366 SC examined customs valuation of imported goods and held that, once the declared transaction value is rejected after examination, enquiry and contemporaneous comparison, valuation must proceed sequentially under the Customs Valuation Rules, 1988 and Section 14 of the Customs Act, 1962. In the absence of evidence of identical goods, comparable imports of similar goods could be used, and contemporaneous instances supported redetermination of value. The rejection of the declared value and reassessment at the comparable rate were upheld. On the punitive side, although confiscation and differential duty were sustained, the redemption fine was reduced and the penalty set aside as excessive in the circumstances. en-us Wed, 29 Apr 2015 00:00:00 +0530 Fri, 07 Aug 2015 17:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=259366 SC examined customs valuation of imported goods and held that, once the declared transaction value is rejected after examination, enquiry and contemporaneous comparison, valuation must proceed sequentially under the Customs Valuation Rules, 1988 and Section 14 of the Customs Act, 1962. In the absence of evidence of identical goods, comparable imports of similar goods could be used, and contemporaneous instances supported redetermination of value. The rejection of the declared value and reassessment at the comparable rate were upheld. On the punitive side, although confiscation and differential duty were sustained, the redemption fine was reduced and the penalty set aside as excessive in the circumstances. Case-Laws Customs Wed, 29 Apr 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=259366