https://www.taxtmi.com/caselaws?id=359142 Imported second-hand machinery can have its declared transaction value rejected where the invoice and supporting papers omit essential particulars such as year of manufacture, model number, period of usage, reconditioning details and gross weight. In such circumstances, customs authorities may doubt the genuineness of the declared price and re-determine value under the Customs Valuation Rules, 2007 read with section 14 of the Customs Act, 1962. Contemporaneous material, including an independent Chartered Engineer's valuation, may be relied on to support a higher assessable value. The re-determination of value was therefore upheld against the assessee. en-us Mon, 26 Mar 2018 00:00:00 +0530 Thu, 20 Jun 2019 11:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=359142 Imported second-hand machinery can have its declared transaction value rejected where the invoice and supporting papers omit essential particulars such as year of manufacture, model number, period of usage, reconditioning details and gross weight. In such circumstances, customs authorities may doubt the genuineness of the declared price and re-determine value under the Customs Valuation Rules, 2007 read with section 14 of the Customs Act, 1962. Contemporaneous material, including an independent Chartered Engineer's valuation, may be relied on to support a higher assessable value. The re-determination of value was therefore upheld against the assessee. Case-Laws Customs Mon, 26 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=359142