https://www.taxtmi.com/caselaws?id=260850 The Supreme Court upheld the Department's valuation of imported machinery for customs duty calculation, dismissing the appellant's appeal. The Court found that the Circular on depreciation was a reasonable method consistent with valuation principles under Section 14 of the Customs Act. Both parties had agreed that the price of the machinery was unascertainable, leading to the use of the depreciation method. The Court concluded that the Circular's application was appropriate, affirming the duty demand of Rs. 37,73,460. en-us Fri, 27 Mar 2015 00:00:00 +0530 Thu, 27 Aug 2015 16:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=260850 The Supreme Court upheld the Department's valuation of imported machinery for customs duty calculation, dismissing the appellant's appeal. The Court found that the Circular on depreciation was a reasonable method consistent with valuation principles under Section 14 of the Customs Act. Both parties had agreed that the price of the machinery was unascertainable, leading to the use of the depreciation method. The Court concluded that the Circular's application was appropriate, affirming the duty demand of Rs. 37,73,460. Case-Laws Customs Fri, 27 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=260850