https://www.taxtmi.com/caselaws?id=360052 Declared transaction value may be rejected and the assessable value redetermined under the Customs Valuation Rules, 1988 where discrepancies in description and invoice particulars justify reliance on identical contemporaneous imports and NIDB data, with due regard to physical characteristics, quantity, make, model and commercial level. A sustained finding of misdeclaration of value supports confiscation and redemption fine under the Customs Act, 1962. The penalty, however, must remain proportionate to the facts, and may be reduced where the underlying misdeclaration is maintained but the original penalty is considered excessive. en-us Wed, 21 Feb 2018 00:00:00 +0530 Sat, 02 Mar 2019 11:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=360052 Declared transaction value may be rejected and the assessable value redetermined under the Customs Valuation Rules, 1988 where discrepancies in description and invoice particulars justify reliance on identical contemporaneous imports and NIDB data, with due regard to physical characteristics, quantity, make, model and commercial level. A sustained finding of misdeclaration of value supports confiscation and redemption fine under the Customs Act, 1962. The penalty, however, must remain proportionate to the facts, and may be reduced where the underlying misdeclaration is maintained but the original penalty is considered excessive. Case-Laws Customs Wed, 21 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=360052