https://www.taxtmi.com/caselaws?id=424597 Declared import value cannot be rejected on mere suspicion or inference; undervaluation must be supported by material evidence of extra consideration or reasonable doubt, and the transaction value under Section 14(1) read with Rule 3(1) is otherwise to be accepted. On the yacht import, the omission of "E" or "Evolution" was treated as inconsequential, the banking trail and absence of related-party dealing supported acceptance of value, and re-determination, confiscation and penalties were set aside. On the V-SAT connection, the value re-determination and duty demand were upheld because supporting purchase records were absent, but the redemption fine was reduced and the penalty under Section 114A was not sustained. en-us Fri, 01 Jul 2022 00:00:00 +0530 Fri, 17 Feb 2023 16:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424597 Declared import value cannot be rejected on mere suspicion or inference; undervaluation must be supported by material evidence of extra consideration or reasonable doubt, and the transaction value under Section 14(1) read with Rule 3(1) is otherwise to be accepted. On the yacht import, the omission of "E" or "Evolution" was treated as inconsequential, the banking trail and absence of related-party dealing supported acceptance of value, and re-determination, confiscation and penalties were set aside. On the V-SAT connection, the value re-determination and duty demand were upheld because supporting purchase records were absent, but the redemption fine was reduced and the penalty under Section 114A was not sustained. Case-Laws Customs Fri, 01 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424597