https://www.taxtmi.com/caselaws?id=451272 CESTAT Kolkata allowed the appeal regarding undervaluation of imported Patchouli Oil. The Department rejected declared assessable value citing higher insurance value and adopted contemporaneous import prices. CESTAT held that insurance value has no relevance for customs duty assessment without evidence of actual payment at insured value. The Department failed to prove comparability of contemporaneous imports or that goods were similar in all respects including chemical factors and alcohol content. Since original assessments became final without challenge, subsequent factors like insurance value cannot justify rejection of declared value. Differential duty demand, interest, and penalties on importer and director were set aside as undervaluation allegations remained unsubstantiated. en-us Thu, 21 Mar 2024 00:00:00 +0530 Fri, 22 Mar 2024 12:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=451272 CESTAT Kolkata allowed the appeal regarding undervaluation of imported Patchouli Oil. The Department rejected declared assessable value citing higher insurance value and adopted contemporaneous import prices. CESTAT held that insurance value has no relevance for customs duty assessment without evidence of actual payment at insured value. The Department failed to prove comparability of contemporaneous imports or that goods were similar in all respects including chemical factors and alcohol content. Since original assessments became final without challenge, subsequent factors like insurance value cannot justify rejection of declared value. Differential duty demand, interest, and penalties on importer and director were set aside as undervaluation allegations remained unsubstantiated. Case-Laws Customs Thu, 21 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=451272