https://www.taxtmi.com/caselaws?id=365768 Rejection of the declared transaction value of an imported used vehicle was justified where the invoice and Bill of Lading contained material discrepancies and the vehicle description did not fully match. Once the declared value failed, valuation had to proceed sequentially under the Customs Valuation Rules, 2007, and Rules 4 to 8 were inapplicable; Rule 9 was correctly applied on the basis of the UK list price with depreciation. The importer's cited case law was treated as distinguishable, but prior Bench reasoning supported partial relief on the monetary consequences, leading to reduction of the redemption fine and penalty. en-us Tue, 24 Jul 2018 00:00:00 +0530 Mon, 17 Feb 2020 17:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=365768 Rejection of the declared transaction value of an imported used vehicle was justified where the invoice and Bill of Lading contained material discrepancies and the vehicle description did not fully match. Once the declared value failed, valuation had to proceed sequentially under the Customs Valuation Rules, 2007, and Rules 4 to 8 were inapplicable; Rule 9 was correctly applied on the basis of the UK list price with depreciation. The importer's cited case law was treated as distinguishable, but prior Bench reasoning supported partial relief on the monetary consequences, leading to reduction of the redemption fine and penalty. Case-Laws Customs Tue, 24 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=365768