https://www.taxtmi.com/caselaws?id=337609 The declared invoice value of imported second-hand capital goods was rejected because it was not the real transaction value: the importer and foreign supplier were related, the goods were shown at a notional value, and the customs copy did not reflect the actual invoice value. In the absence of reliable identical or similar goods data, valuation was determined sequentially and the residual method under Rule 8 was applied on the basis of the Chartered Engineer's assessment. The finding of misdeclaration was upheld, so confiscation and penalty were sustained. en-us Mon, 02 Jan 2017 00:00:00 +0530 Mon, 23 Jan 2017 16:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=337609 The declared invoice value of imported second-hand capital goods was rejected because it was not the real transaction value: the importer and foreign supplier were related, the goods were shown at a notional value, and the customs copy did not reflect the actual invoice value. In the absence of reliable identical or similar goods data, valuation was determined sequentially and the residual method under Rule 8 was applied on the basis of the Chartered Engineer's assessment. The finding of misdeclaration was upheld, so confiscation and penalty were sustained. Case-Laws Customs Mon, 02 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=337609