https://www.taxtmi.com/caselaws?id=1256 The Tribunal set aside the Department's valuation methodology and confirmed the assessment at the declared price. It held that reliance on internet prices for valuation was impermissible under law, rejected the enhancement of assessable value based on internet prices, and ruled out confiscation or penalty since there was no mis-declaration. The Tribunal emphasized the importance of contemporaneous import evidence, cited previous decisions to support its findings, and found the Department's assessment under Rule 6 legally flawed. Ultimately, the appeal was rejected based on the legal flaws in the Department's valuation methodology. en-us Mon, 08 Jan 2007 00:00:00 +0530 Mon, 14 Apr 2008 15:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=1256 The Tribunal set aside the Department's valuation methodology and confirmed the assessment at the declared price. It held that reliance on internet prices for valuation was impermissible under law, rejected the enhancement of assessable value based on internet prices, and ruled out confiscation or penalty since there was no mis-declaration. The Tribunal emphasized the importance of contemporaneous import evidence, cited previous decisions to support its findings, and found the Department's assessment under Rule 6 legally flawed. Ultimately, the appeal was rejected based on the legal flaws in the Department's valuation methodology. Case-Laws Customs Mon, 08 Jan 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=1256