https://www.taxtmi.com/caselaws?id=443852 Transaction value remains the normal basis for customs assessment and cannot be rejected unless the Department first proves undervaluation on legally sustainable evidence. A Chartered Engineer's report based on local market values of similar indigenous goods was held insufficient to displace the declared value, especially where the inspection record did not support the alleged quantity discrepancy. If rejection is justified, the Customs Valuation Rules, 2007 require sequential application of the prescribed valuation methods; direct resort to the residual method without following that sequence is impermissible. On that reasoning, the valuation based on the report was unsustainable and relief was granted to the importer. en-us Wed, 26 Jul 2023 00:00:00 +0530 Tue, 03 Oct 2023 11:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=443852 Transaction value remains the normal basis for customs assessment and cannot be rejected unless the Department first proves undervaluation on legally sustainable evidence. A Chartered Engineer's report based on local market values of similar indigenous goods was held insufficient to displace the declared value, especially where the inspection record did not support the alleged quantity discrepancy. If rejection is justified, the Customs Valuation Rules, 2007 require sequential application of the prescribed valuation methods; direct resort to the residual method without following that sequence is impermissible. On that reasoning, the valuation based on the report was unsustainable and relief was granted to the importer. Case-Laws Customs Wed, 26 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=443852