https://www.taxtmi.com/caselaws?id=33323 Imports of second-hand machinery made under a pre-existing agreement and dispatch instructions issued before an EXIM Policy amendment did not warrant redemption fine where the importer lacked mala fides and the goods were subsequently covered through the licence process. Declared transaction value, supported by the foreign supplier's invoice and a foreign Chartered Engineer's certificate certifying price reasonableness, could not be rejected without fraud, mala fide, or other sustainable material under the valuation rules. Depreciation-based valuation was therefore inapplicable, and full relief was granted against redemption fine and reassessment. en-us Tue, 02 Sep 2008 00:00:00 +0530 Mon, 04 May 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=33323 Imports of second-hand machinery made under a pre-existing agreement and dispatch instructions issued before an EXIM Policy amendment did not warrant redemption fine where the importer lacked mala fides and the goods were subsequently covered through the licence process. Declared transaction value, supported by the foreign supplier's invoice and a foreign Chartered Engineer's certificate certifying price reasonableness, could not be rejected without fraud, mala fide, or other sustainable material under the valuation rules. Depreciation-based valuation was therefore inapplicable, and full relief was granted against redemption fine and reassessment. Case-Laws Customs Tue, 02 Sep 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=33323