https://www.taxtmi.com/caselaws?id=338434 Declared import value cannot be rejected and assessable value cannot be enhanced merely on an uncorroborated confessional statement alleging undervaluation when contemporaneous import evidence supports the declared price. The record here showed Bills of Entry declaring transaction value and verified comparable import data supporting those prices, while the Revenue produced no independent material to displace the documentary evidence. Valuation must be determined under the Customs Valuation Rules, with contemporaneous value given due relevance. On that basis, the declared value was not rejected, the demand was dropped, and the Revenue's appeals failed. en-us Tue, 24 Jan 2017 00:00:00 +0530 Sat, 18 Feb 2017 13:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338434 Declared import value cannot be rejected and assessable value cannot be enhanced merely on an uncorroborated confessional statement alleging undervaluation when contemporaneous import evidence supports the declared price. The record here showed Bills of Entry declaring transaction value and verified comparable import data supporting those prices, while the Revenue produced no independent material to displace the documentary evidence. Valuation must be determined under the Customs Valuation Rules, with contemporaneous value given due relevance. On that basis, the declared value was not rejected, the demand was dropped, and the Revenue's appeals failed. Case-Laws Customs Tue, 24 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338434