https://www.taxtmi.com/caselaws?id=767197 CESTAT NEW DELHI allowed the appeal concerning valuation of imported thoroughbred horses. The tribunal found that while rejection of declared value under Rule 10A of Customs Valuation Rules 1988 was justified due to discrepancies with auction prices, the re-determination under Rule 8 was flawed. Rule 8(2)(iii) explicitly prohibits basing valuation on domestic prices in the country of export, including auction prices. Since Rules 4-7A were inapplicable and Rule 8 couldn't use auction prices as basis, the undervaluation allegations failed. Penalties and fines were set aside as they relied on improper re-determination methodology. en-us Fri, 07 Mar 2025 00:00:00 +0530 Wed, 12 Mar 2025 09:06:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767197 CESTAT NEW DELHI allowed the appeal concerning valuation of imported thoroughbred horses. The tribunal found that while rejection of declared value under Rule 10A of Customs Valuation Rules 1988 was justified due to discrepancies with auction prices, the re-determination under Rule 8 was flawed. Rule 8(2)(iii) explicitly prohibits basing valuation on domestic prices in the country of export, including auction prices. Since Rules 4-7A were inapplicable and Rule 8 couldn't use auction prices as basis, the undervaluation allegations failed. Penalties and fines were set aside as they relied on improper re-determination methodology. Case-Laws Customs Fri, 07 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767197