https://www.taxtmi.com/caselaws?id=268277 Valuation of imported goods cannot be enhanced solely on third-party statements unless supported by corroborative evidence such as contemporaneous imports, reliable test material, or an inculpatory statement from the importer. Here, the alleged undervaluation was not established on the basis of indenting agents' statements alone, and the record did not supply dependable evidence to sustain revaluation. As the valuation enhancement failed, the consequential confiscation-linked duty demand, redemption fine, and penalties also lacked foundation and were set aside in favour of the assessee. en-us Wed, 02 Sep 2015 00:00:00 +0530 Mon, 23 Nov 2015 18:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=268277 Valuation of imported goods cannot be enhanced solely on third-party statements unless supported by corroborative evidence such as contemporaneous imports, reliable test material, or an inculpatory statement from the importer. Here, the alleged undervaluation was not established on the basis of indenting agents' statements alone, and the record did not supply dependable evidence to sustain revaluation. As the valuation enhancement failed, the consequential confiscation-linked duty demand, redemption fine, and penalties also lacked foundation and were set aside in favour of the assessee. Case-Laws Customs Wed, 02 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=268277