https://www.taxtmi.com/caselaws?id=1977 Declared import value may be rejected where it appears unrealistically low, and customs valuation may instead be based on a reliable dealer-confirmed list price after depreciation. Unsupported additions for extra fittings and refurbishment are not justified once the vehicle is accepted as a high-end luxury car with standard fittings. Non-compliance with import conditions requiring prior possession abroad can sustain confiscation and penalty under the Customs Act and the Foreign Trade Act, but the monetary consequences may be moderated having regard to the custody period and surrounding circumstances. en-us Mon, 23 Apr 2007 00:00:00 +0530 Tue, 15 Apr 2008 12:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=1977 Declared import value may be rejected where it appears unrealistically low, and customs valuation may instead be based on a reliable dealer-confirmed list price after depreciation. Unsupported additions for extra fittings and refurbishment are not justified once the vehicle is accepted as a high-end luxury car with standard fittings. Non-compliance with import conditions requiring prior possession abroad can sustain confiscation and penalty under the Customs Act and the Foreign Trade Act, but the monetary consequences may be moderated having regard to the custody period and surrounding circumstances. Case-Laws Customs Mon, 23 Apr 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=1977