https://www.taxtmi.com/caselaws?id=335922 The Tribunal set aside the Commissioner's order rejecting the declared value and re-determining the value in the case involving M/s Vaibhav Industries. The Tribunal found the revenue's value enhancement based on NIDB data unjustified, as the goods were not pharma grade but intended for industrial use. Insufficient evidence of under-valuation and lack of support for the enhanced value led the Tribunal to conclude that the transaction value should have been accepted. Legal precedents supporting transaction value acceptance were considered, resulting in the appeal being allowed with consequential relief. en-us Tue, 15 Nov 2016 00:00:00 +0530 Tue, 13 Dec 2016 10:29:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=335922 The Tribunal set aside the Commissioner's order rejecting the declared value and re-determining the value in the case involving M/s Vaibhav Industries. The Tribunal found the revenue's value enhancement based on NIDB data unjustified, as the goods were not pharma grade but intended for industrial use. Insufficient evidence of under-valuation and lack of support for the enhanced value led the Tribunal to conclude that the transaction value should have been accepted. Legal precedents supporting transaction value acceptance were considered, resulting in the appeal being allowed with consequential relief. Case-Laws Customs Tue, 15 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=335922