https://www.taxtmi.com/caselaws?id=399206 Transaction value of imported goods must be accepted under Section 14 of the Customs Act where buyer and seller are unrelated and price is the sole consideration, unless the proper officer records reasons to doubt its truth or accuracy and follows the prescribed valuation process. Here, the declared value was enhanced without recorded reasons for rejection, so the revaluation was unsustainable. As the enhancement failed, the consequential confiscation, redemption fine and penalty also could not be sustained, and the assessee was held entitled to consequential relief, including refund of the differential duty deposited with applicable interest. en-us Tue, 11 Feb 2020 00:00:00 +0530 Thu, 27 May 2021 10:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399206 Transaction value of imported goods must be accepted under Section 14 of the Customs Act where buyer and seller are unrelated and price is the sole consideration, unless the proper officer records reasons to doubt its truth or accuracy and follows the prescribed valuation process. Here, the declared value was enhanced without recorded reasons for rejection, so the revaluation was unsustainable. As the enhancement failed, the consequential confiscation, redemption fine and penalty also could not be sustained, and the assessee was held entitled to consequential relief, including refund of the differential duty deposited with applicable interest. Case-Laws Customs Tue, 11 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399206