https://www.taxtmi.com/caselaws?id=379758 The Tribunal set aside the Commissioner's order, ruling in favor of the appellants. It found the valuation adopted by the Commissioner to be contrary to the Customs Act, emphasizing that the transaction value in international trade should be accepted unless reasonably rejected. The penalties imposed were overturned, and the demand for the differential duty was annulled. The Tribunal highlighted the incorrect application of valuation rules and emphasized the importance of following the transaction value unless valid reasons exist for rejection. en-us Wed, 16 Jan 2019 00:00:00 +0530 Tue, 07 May 2019 09:29:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=379758 The Tribunal set aside the Commissioner's order, ruling in favor of the appellants. It found the valuation adopted by the Commissioner to be contrary to the Customs Act, emphasizing that the transaction value in international trade should be accepted unless reasonably rejected. The penalties imposed were overturned, and the demand for the differential duty was annulled. The Tribunal highlighted the incorrect application of valuation rules and emphasized the importance of following the transaction value unless valid reasons exist for rejection. Case-Laws Customs Wed, 16 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=379758