https://www.taxtmi.com/caselaws?id=179211 Contemporaneous U.S. Customs export declarations, supported by supplier purchase invoices, may be accepted as the basis for FOB valuation where the Revenue does not establish a reliable ground to reject them. The assessable value is then to be derived by adding actual freight and insurance to reach CIF value, rather than by relying on private sale records recovered in India. On the accepted valuation, the goods remained liable to confiscation for undervaluation and penalty exposure under Customs law; however, in settlement proceedings, the duty, interest, fine and penalty were quantified, and immunity from further fine, penalty and prosecution was granted beyond the amounts specified, subject to compliance and absence of fraud or misrepresentation. en-us Thu, 29 Mar 2012 00:00:00 +0530 Tue, 23 Feb 2016 10:57:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179211 Contemporaneous U.S. Customs export declarations, supported by supplier purchase invoices, may be accepted as the basis for FOB valuation where the Revenue does not establish a reliable ground to reject them. The assessable value is then to be derived by adding actual freight and insurance to reach CIF value, rather than by relying on private sale records recovered in India. On the accepted valuation, the goods remained liable to confiscation for undervaluation and penalty exposure under Customs law; however, in settlement proceedings, the duty, interest, fine and penalty were quantified, and immunity from further fine, penalty and prosecution was granted beyond the amounts specified, subject to compliance and absence of fraud or misrepresentation. Case-Laws Customs Thu, 29 Mar 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179211