https://www.taxtmi.com/forum/issue?id=118017 Misclassification or misdeclaration of imported goods renders them liable to confiscation and penalty; restricted goods require prior authorization while prohibited goods are barred and subject to confiscation and penalty or compounding. Suspected undervaluation permits customs to reject declared value and re-determine assessable value under valuation rules, after which customs may issue demand notices for differential duty based on the redetermined value. en-us Tue, 28 Jun 2022 09:05:04 +0530 Thu, 23 Jan 2025 15:54:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=118017 Misclassification or misdeclaration of imported goods renders them liable to confiscation and penalty; restricted goods require prior authorization while prohibited goods are barred and subject to confiscation and penalty or compounding. Suspected undervaluation permits customs to reject declared value and re-determine assessable value under valuation rules, after which customs may issue demand notices for differential duty based on the redetermined value. Discussion-Forum Customs Tue, 28 Jun 2022 09:05:04 +0530 https://www.taxtmi.com/forum/issue?id=118017