https://www.taxtmi.com/caselaws?id=325704 Declared import value cannot be rejected on conjecture or theoretical cost-based assumptions. Where ball valves and check valves were re-valued on presumed brass and zinc content, LME prices and a single witness statement, the absence of chemical testing, sample analysis, contemporaneous higher-value imports, or evidence of extra consideration meant the transaction value remained unshaken. Contemporaneous import data produced by the importers was also not addressed. In these circumstances, the rejection of declared value and the resulting demand, confiscation and penalties were held unsustainable. en-us Tue, 02 Feb 2016 00:00:00 +0530 Mon, 13 Feb 2017 17:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=325704 Declared import value cannot be rejected on conjecture or theoretical cost-based assumptions. Where ball valves and check valves were re-valued on presumed brass and zinc content, LME prices and a single witness statement, the absence of chemical testing, sample analysis, contemporaneous higher-value imports, or evidence of extra consideration meant the transaction value remained unshaken. Contemporaneous import data produced by the importers was also not addressed. In these circumstances, the rejection of declared value and the resulting demand, confiscation and penalties were held unsustainable. Case-Laws Customs Tue, 02 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=325704