https://www.taxtmi.com/caselaws?id=344610 Declared transaction value under the Customs Valuation Rules, 2007 cannot be rejected merely on opinions from competing market participants when no independent technical evidence supports revaluation. The valuation adopted in the impugned order was held unsustainable because no report from an approved laboratory, government laboratory, or competent independent valuer was obtained. The proper course is to have the goods tested or valued by a competent approved authority and then finalise valuation after giving the importer an opportunity to object. The rejection of declared value and consequential revaluation were set aside, and the matter was remanded for fresh valuation in accordance with law, with provisional release of the goods on bond and bank guarantee. en-us Wed, 17 May 2017 00:00:00 +0530 Thu, 22 Jun 2017 09:21:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=344610 Declared transaction value under the Customs Valuation Rules, 2007 cannot be rejected merely on opinions from competing market participants when no independent technical evidence supports revaluation. The valuation adopted in the impugned order was held unsustainable because no report from an approved laboratory, government laboratory, or competent independent valuer was obtained. The proper course is to have the goods tested or valued by a competent approved authority and then finalise valuation after giving the importer an opportunity to object. The rejection of declared value and consequential revaluation were set aside, and the matter was remanded for fresh valuation in accordance with law, with provisional release of the goods on bond and bank guarantee. Case-Laws Customs Wed, 17 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=344610