https://www.taxtmi.com/caselaws?id=351530 Declared transaction value may be rejected where imported branded goods were not fully declared in the bill of entry and the record showed financial and ownership linkage between the importer and overseas supplier, indicating related-party dealings with mutual business interest. The assessable value may then be re-determined under Rule 7 of the Customs Valuation Rules, 2007 by the deductive method using post-import sale price after permitted deductions for profit, expenses, transport, insurance, and duties. Penalties under the Customs Act were sustained as consequential to the upheld valuation rejection and redetermination. en-us Mon, 06 Nov 2017 00:00:00 +0530 Mon, 12 Nov 2018 11:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=351530 Declared transaction value may be rejected where imported branded goods were not fully declared in the bill of entry and the record showed financial and ownership linkage between the importer and overseas supplier, indicating related-party dealings with mutual business interest. The assessable value may then be re-determined under Rule 7 of the Customs Valuation Rules, 2007 by the deductive method using post-import sale price after permitted deductions for profit, expenses, transport, insurance, and duties. Penalties under the Customs Act were sustained as consequential to the upheld valuation rejection and redetermination. Case-Laws Customs Mon, 06 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=351530