https://www.taxtmi.com/caselaws?id=760036 CESTAT NEW DELHI upheld rejection of declared transaction value under Valuation Rule 12 and sequential re-determination under Rule 9. Commissioner correctly adopted values from excel sheets for similar goods across Bills of Entry. However, tribunal ruled these values should be treated as CIF rather than FOB, setting aside 20% freight and 1.125% insurance additions. Penalty of Rs. 9 lakhs on individual under Section 112 upheld as fair. Penalties under Section 114AA on both parties set aside due to no separate mis-declaration beyond Bills of Entry violations already penalized. Matter remanded for re-computation of duty, interest and penalty based on CIF values. en-us Fri, 13 Sep 2024 00:00:00 +0530 Mon, 14 Oct 2024 12:32:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760036 CESTAT NEW DELHI upheld rejection of declared transaction value under Valuation Rule 12 and sequential re-determination under Rule 9. Commissioner correctly adopted values from excel sheets for similar goods across Bills of Entry. However, tribunal ruled these values should be treated as CIF rather than FOB, setting aside 20% freight and 1.125% insurance additions. Penalty of Rs. 9 lakhs on individual under Section 112 upheld as fair. Penalties under Section 114AA on both parties set aside due to no separate mis-declaration beyond Bills of Entry violations already penalized. Matter remanded for re-computation of duty, interest and penalty based on CIF values. Case-Laws Customs Fri, 13 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760036