https://www.taxtmi.com/caselaws?id=384035 Rejection of declared transaction value for customs valuation was held unsustainable where the enhancement rested on a market enquiry not supplied to the importer and unsupported by reliable corroboration. Once declared value is rejected, the valuation authority must follow the statutory sequence under the Customs Valuation Rules, 1988 and examine contemporaneous imports, comparable bills of entry, and other objective evidence before invoking a residual method. Reliance on an export price and a proforma invoice, without assessing comparable import data or explaining why it was discarded, was found legally unsound. The impugned valuation and consequential demands were set aside. en-us Fri, 02 Aug 2019 00:00:00 +0530 Mon, 16 Mar 2020 11:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=384035 Rejection of declared transaction value for customs valuation was held unsustainable where the enhancement rested on a market enquiry not supplied to the importer and unsupported by reliable corroboration. Once declared value is rejected, the valuation authority must follow the statutory sequence under the Customs Valuation Rules, 1988 and examine contemporaneous imports, comparable bills of entry, and other objective evidence before invoking a residual method. Reliance on an export price and a proforma invoice, without assessing comparable import data or explaining why it was discarded, was found legally unsound. The impugned valuation and consequential demands were set aside. Case-Laws Customs Fri, 02 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=384035