https://www.taxtmi.com/caselaws?id=757651 Declared transaction value may be rejected under section 14 of the Customs Act read with rule 12 of the 2007 Valuation Rules where the importer's own admissions and invoices show the original declaration was inaccurate. Here, the true invoices reflected a higher value than that declared in the Bills of Entry, so re-determination on the correct transaction value was upheld. Misdescription of the nature and quantity of the goods, coupled with understatement of value and import of restricted goods without licence, attracted confiscation provisions under sections 111(d), 111(l) and 111(m) of the Customs Act and the corresponding foreign trade restrictions. Redemption fine and penalties were sustained as consequential to the misdeclaration and unauthorised import. en-us Thu, 29 Aug 2024 00:00:00 +0530 Fri, 30 Aug 2024 08:38:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757651 Declared transaction value may be rejected under section 14 of the Customs Act read with rule 12 of the 2007 Valuation Rules where the importer's own admissions and invoices show the original declaration was inaccurate. Here, the true invoices reflected a higher value than that declared in the Bills of Entry, so re-determination on the correct transaction value was upheld. Misdescription of the nature and quantity of the goods, coupled with understatement of value and import of restricted goods without licence, attracted confiscation provisions under sections 111(d), 111(l) and 111(m) of the Customs Act and the corresponding foreign trade restrictions. Redemption fine and penalties were sustained as consequential to the misdeclaration and unauthorised import. Case-Laws Customs Thu, 29 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757651