https://www.taxtmi.com/caselaws?id=760039 CESTAT Bangalore set aside customs valuation orders imposing 10% loading on transaction value between related parties. The tribunal found that authorities improperly relied on an expired SVB order from 2007 that was valid only until 2010, while the disputed period was 2013-2016. During the relevant period, new Customs Valuation Rules 2007 applied, requiring specific procedures under Rules 3 and 12 for rejecting declared transaction values. The original authority failed to provide cogent reasons for value rejection as mandated by Section 14(1) of Customs Act 1962. Matter remanded for fresh adjudication considering applicable valuation rules and evidence of third-party purchases at similar prices. en-us Tue, 08 Oct 2024 00:00:00 +0530 Mon, 14 Oct 2024 11:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760039 CESTAT Bangalore set aside customs valuation orders imposing 10% loading on transaction value between related parties. The tribunal found that authorities improperly relied on an expired SVB order from 2007 that was valid only until 2010, while the disputed period was 2013-2016. During the relevant period, new Customs Valuation Rules 2007 applied, requiring specific procedures under Rules 3 and 12 for rejecting declared transaction values. The original authority failed to provide cogent reasons for value rejection as mandated by Section 14(1) of Customs Act 1962. Matter remanded for fresh adjudication considering applicable valuation rules and evidence of third-party purchases at similar prices. Case-Laws Customs Tue, 08 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760039