https://www.taxtmi.com/caselaws?id=338194 Declared value may be rejected where it is shown to be unreliable, and the residual method under Rule 8 of the Customs Valuation Rules, 1988 can be sustained if reasons are recorded and technical evaluation shows the goods retain commercial utility. On that basis, the enhanced assessable value was upheld. Redemption fine, however, should reflect market conditions; in the absence of a market enquiry to fix market value, moderation was justified. Penalty also must be proportionate and supported by material showing mala fides; where such material is absent, a lower quantum is appropriate. The valuation was left undisturbed, while the redemption fine and penalty were reduced. en-us Tue, 18 Oct 2016 00:00:00 +0530 Sat, 28 Jan 2017 07:35:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338194 Declared value may be rejected where it is shown to be unreliable, and the residual method under Rule 8 of the Customs Valuation Rules, 1988 can be sustained if reasons are recorded and technical evaluation shows the goods retain commercial utility. On that basis, the enhanced assessable value was upheld. Redemption fine, however, should reflect market conditions; in the absence of a market enquiry to fix market value, moderation was justified. Penalty also must be proportionate and supported by material showing mala fides; where such material is absent, a lower quantum is appropriate. The valuation was left undisturbed, while the redemption fine and penalty were reduced. Case-Laws Customs Tue, 18 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338194