https://www.taxtmi.com/caselaws?id=767591 CESTAT Chennai held that the Customs Authority failed to follow the mandatory two-step verification procedure established by SC in Century Metal Recycling case when redetermining transaction value of imported goods. The Authority arbitrarily adopted a fictitious value without complying with Rule 12(2) of CVR 2007, denied cross-examination requests, and violated procedural fairness requirements. The tribunal found the impugned order vitiated by arbitrariness as it lacked statutory sanction under Customs Act 1962 and CVR 2007, setting aside the order and disposing of the appeal in favor of the appellant. en-us Thu, 20 Mar 2025 00:00:00 +0530 Fri, 21 Mar 2025 08:25:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767591 CESTAT Chennai held that the Customs Authority failed to follow the mandatory two-step verification procedure established by SC in Century Metal Recycling case when redetermining transaction value of imported goods. The Authority arbitrarily adopted a fictitious value without complying with Rule 12(2) of CVR 2007, denied cross-examination requests, and violated procedural fairness requirements. The tribunal found the impugned order vitiated by arbitrariness as it lacked statutory sanction under Customs Act 1962 and CVR 2007, setting aside the order and disposing of the appeal in favor of the appellant. Case-Laws Customs Thu, 20 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767591