https://www.taxtmi.com/caselaws?id=280025 A preventive customs formation cannot displace an assessment already completed by the competent customs officers for the import, and any fresh confiscation or penalty action on that basis is invalid absent lawful transfer or review. After assessment, where there is no concealment, false declaration, or comparable fraud, the proper course is statutory review under Section 129D rather than a new notice under Section 124. Transaction value under the Customs Valuation Rules, 1988 may be rejected only on legally recognised grounds supported by evidence; mere suspicion, weak comparables, or the importer's consent to enhancement is insufficient. The valuation enhancement, confiscation, redemption fine, and penalties were therefore set aside. en-us Wed, 10 Sep 1997 00:00:00 +0530 Wed, 17 Apr 2019 15:57:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=280025 A preventive customs formation cannot displace an assessment already completed by the competent customs officers for the import, and any fresh confiscation or penalty action on that basis is invalid absent lawful transfer or review. After assessment, where there is no concealment, false declaration, or comparable fraud, the proper course is statutory review under Section 129D rather than a new notice under Section 124. Transaction value under the Customs Valuation Rules, 1988 may be rejected only on legally recognised grounds supported by evidence; mere suspicion, weak comparables, or the importer's consent to enhancement is insufficient. The valuation enhancement, confiscation, redemption fine, and penalties were therefore set aside. Case-Laws Customs Wed, 10 Sep 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=280025