https://www.taxtmi.com/caselaws?id=345591 Imported goods must be valued under the transaction value principle unless the department establishes a genuine basis to reject it. Here, the department failed to produce corroborative evidence from the supplier or any independent source to disprove the importers' claim that the goods were stock lots, and relied mainly on one unsupported statement. On that material, enhancement of assessable value was unjustified. Because the valuation rejection failed, the consequential confiscation and penalties also could not stand, and the appeals were dismissed in favour of the assessees. en-us Thu, 22 Jun 2017 00:00:00 +0530 Sat, 30 Dec 2017 14:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=345591 Imported goods must be valued under the transaction value principle unless the department establishes a genuine basis to reject it. Here, the department failed to produce corroborative evidence from the supplier or any independent source to disprove the importers' claim that the goods were stock lots, and relied mainly on one unsupported statement. On that material, enhancement of assessable value was unjustified. Because the valuation rejection failed, the consequential confiscation and penalties also could not stand, and the appeals were dismissed in favour of the assessees. Case-Laws Customs Thu, 22 Jun 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=345591