https://www.taxtmi.com/caselaws?id=753012 Declared import value under Section 14 of the Customs Act and the Customs Valuation Rules cannot be rejected on suspicion or on the basis of uncorroborated third-party documents, emails or retracted statements. Where the department produces no direct evidence of extra consideration, no reliable nexus between the assessee and the third-party material, and the importer relies on contemporaneous comparable import data, the transaction value must be accepted. On that basis, the allegation of undervaluation failed, and the duty, interest and penalties could not be sustained; the impugned orders were set aside with consequential relief. en-us Thu, 16 May 2024 00:00:00 +0530 Wed, 22 May 2024 12:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753012 Declared import value under Section 14 of the Customs Act and the Customs Valuation Rules cannot be rejected on suspicion or on the basis of uncorroborated third-party documents, emails or retracted statements. Where the department produces no direct evidence of extra consideration, no reliable nexus between the assessee and the third-party material, and the importer relies on contemporaneous comparable import data, the transaction value must be accepted. On that basis, the allegation of undervaluation failed, and the duty, interest and penalties could not be sustained; the impugned orders were set aside with consequential relief. Case-Laws Customs Thu, 16 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753012