https://www.taxtmi.com/caselaws?id=373502 The declared transaction value of imported goods had to be accepted where it reflected the negotiated price for export to India and there was no reliable evidence of any extra consideration outside the banking channel. Mere suspicion or an asserted domestic basis for price reduction was insufficient to reject the declared value under Section 14 of the Customs Act, 1962. Because the undervaluation allegation failed, the consequential confiscation, redemption fine and penalty based solely on rejection of that value also could not stand. The impugned orders were therefore set aside, with relief granted on valuation and the associated penal consequences. en-us Wed, 08 Aug 2018 00:00:00 +0530 Sat, 06 Apr 2019 15:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=373502 The declared transaction value of imported goods had to be accepted where it reflected the negotiated price for export to India and there was no reliable evidence of any extra consideration outside the banking channel. Mere suspicion or an asserted domestic basis for price reduction was insufficient to reject the declared value under Section 14 of the Customs Act, 1962. Because the undervaluation allegation failed, the consequential confiscation, redemption fine and penalty based solely on rejection of that value also could not stand. The impugned orders were therefore set aside, with relief granted on valuation and the associated penal consequences. Case-Laws Customs Wed, 08 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=373502