https://www.taxtmi.com/caselaws?id=458582 Under Section 14 of the Customs Act and Rule 12 of the Customs Valuation Rules, declared import value may be rejected where contemporaneous imports and other material create doubt about its truth or accuracy. Here, the importer accepted enhancement of value in writing and waived notice, hearing and a speaking order, so the declared value was treated as validly rejected and the differential duty was sustained without further proof of undervaluation or resort to the sequential valuation method. Confiscation, redemption fine and penalty, however, required an independent legal basis; in the absence of such support, those ancillary penal consequences were set aside. en-us Mon, 29 Apr 2024 00:00:00 +0530 Thu, 07 Nov 2024 09:53:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458582 Under Section 14 of the Customs Act and Rule 12 of the Customs Valuation Rules, declared import value may be rejected where contemporaneous imports and other material create doubt about its truth or accuracy. Here, the importer accepted enhancement of value in writing and waived notice, hearing and a speaking order, so the declared value was treated as validly rejected and the differential duty was sustained without further proof of undervaluation or resort to the sequential valuation method. Confiscation, redemption fine and penalty, however, required an independent legal basis; in the absence of such support, those ancillary penal consequences were set aside. Case-Laws Customs Mon, 29 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458582