https://www.taxtmi.com/caselaws?id=753451 Under the Customs valuation framework, declared transaction value of imported goods must be accepted unless the department produces reliable, comparable contemporaneous import evidence and cogent reasons to reject it. Mere NIDB data, alleged prices of other importers, or third-party parallel invoices are insufficient to establish undervaluation, wilful misstatement, or suppression, especially when relied-upon documents are not fully furnished for rebuttal. Where the statutory basis for extended limitation is not properly established and the valuation exercise does not follow the required sequential method, re-determination of value, demand, and penalty cannot be sustained. en-us Wed, 29 May 2024 00:00:00 +0530 Sat, 01 Jun 2024 16:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753451 Under the Customs valuation framework, declared transaction value of imported goods must be accepted unless the department produces reliable, comparable contemporaneous import evidence and cogent reasons to reject it. Mere NIDB data, alleged prices of other importers, or third-party parallel invoices are insufficient to establish undervaluation, wilful misstatement, or suppression, especially when relied-upon documents are not fully furnished for rebuttal. Where the statutory basis for extended limitation is not properly established and the valuation exercise does not follow the required sequential method, re-determination of value, demand, and penalty cannot be sustained. Case-Laws Customs Wed, 29 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753451