https://www.taxtmi.com/caselaws?id=752522 Imported spectacle frames were found to be misdeclared in quantity, and the declared unit price was treated as implausible in light of the brands and market information on record. In the absence of contemporaneous import data for identical or similar goods, standard comparable valuation methods could not be applied, and the record indicates reliance on a chartered engineer's assessment accepted for valuation. On that basis, the goods were held liable to confiscation for misdeclaration, and redemption fine and penalties were treated as justified and not excessive. The stated outcome was that the challenge to revaluation, confiscation, fine, and penalties failed. en-us Thu, 09 May 2024 00:00:00 +0530 Mon, 13 May 2024 08:36:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752522 Imported spectacle frames were found to be misdeclared in quantity, and the declared unit price was treated as implausible in light of the brands and market information on record. In the absence of contemporaneous import data for identical or similar goods, standard comparable valuation methods could not be applied, and the record indicates reliance on a chartered engineer's assessment accepted for valuation. On that basis, the goods were held liable to confiscation for misdeclaration, and redemption fine and penalties were treated as justified and not excessive. The stated outcome was that the challenge to revaluation, confiscation, fine, and penalties failed. Case-Laws Customs Thu, 09 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752522