https://www.taxtmi.com/caselaws?id=437244 Transaction value under the Customs Valuation Rules must be accepted for imported goods unless a statutory exception applies. A genuine later memorandum of agreement could not be rejected merely because an earlier agreement showed a higher price, particularly where the authorities did not dispute its bona fides and the later contract reflected a different net LDT that could explain the revised consideration. Revenue precedents were distinguished on facts because they did not involve the same valuation situation or a comparable discrepancy. The later agreement was therefore required to form the basis of valuation, and rejection of the declared price was unsustainable. en-us Fri, 28 Apr 2023 00:00:00 +0530 Mon, 01 May 2023 14:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=437244 Transaction value under the Customs Valuation Rules must be accepted for imported goods unless a statutory exception applies. A genuine later memorandum of agreement could not be rejected merely because an earlier agreement showed a higher price, particularly where the authorities did not dispute its bona fides and the later contract reflected a different net LDT that could explain the revised consideration. Revenue precedents were distinguished on facts because they did not involve the same valuation situation or a comparable discrepancy. The later agreement was therefore required to form the basis of valuation, and rejection of the declared price was unsustainable. Case-Laws Customs Fri, 28 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=437244