https://www.taxtmi.com/caselaws?id=445596 Transaction value under Section 14 of the Customs Act, 1962 could not be rejected without recorded reasons and the statutory safeguards in Rule 12 of the Customs Valuation Rules, 2007. In the absence of contemporaneous data for identical or similar goods, and where the adjudication order did not establish the necessary grounds for doubt or follow the prescribed sequential valuation method, redetermination based on Indian market prices was unsustainable. As no lawful evidence of undervaluation was shown, the declared value remained the basis of assessment, and the confiscation, redemption fine and penalty could not be sustained. en-us Mon, 06 Nov 2023 00:00:00 +0530 Sat, 11 Nov 2023 08:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445596 Transaction value under Section 14 of the Customs Act, 1962 could not be rejected without recorded reasons and the statutory safeguards in Rule 12 of the Customs Valuation Rules, 2007. In the absence of contemporaneous data for identical or similar goods, and where the adjudication order did not establish the necessary grounds for doubt or follow the prescribed sequential valuation method, redetermination based on Indian market prices was unsustainable. As no lawful evidence of undervaluation was shown, the declared value remained the basis of assessment, and the confiscation, redemption fine and penalty could not be sustained. Case-Laws Customs Mon, 06 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445596