https://www.taxtmi.com/caselaws?id=392200 Contemporaneous import data supported the declared value of imported aluminium scrap, so a general LME-based benchmark for virgin metal could not be used to reject transaction value or re-determine price under the valuation rules. The Tribunal also found that retracted statements, co-noticee evidence, insurance policies, and a foreign report were insufficient to prove undervaluation without corroboration or effective cross-examination, especially where the documentary record did not show suppressed invoices or proved excess remittance. As the valuation demand failed, the related customs duty, interest, confiscation, and penalties also failed, and the additional duty objection on scrap was accepted. en-us Thu, 13 Feb 2020 00:00:00 +0530 Thu, 07 Nov 2024 11:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=392200 Contemporaneous import data supported the declared value of imported aluminium scrap, so a general LME-based benchmark for virgin metal could not be used to reject transaction value or re-determine price under the valuation rules. The Tribunal also found that retracted statements, co-noticee evidence, insurance policies, and a foreign report were insufficient to prove undervaluation without corroboration or effective cross-examination, especially where the documentary record did not show suppressed invoices or proved excess remittance. As the valuation demand failed, the related customs duty, interest, confiscation, and penalties also failed, and the additional duty objection on scrap was accepted. Case-Laws Customs Thu, 13 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=392200