https://www.taxtmi.com/caselaws?id=769633 CESTAT Mumbai dismissed the appeal regarding overvaluation of imported goods. The tribunal held that customs authorities cannot determine import values outside the statutory framework under Customs Valuation Rules 2007 for confiscation purposes under section 111(m) when no duty shortfall exists. The transaction value remains the default standard unless specific circumstances warrant substitution with surrogate value. The authority's attempt to truncate consideration chain by adopting truncated pricing was neither legally permissible nor supported by precedent. The declared value could not be discarded without sufficient evidence of commercial manipulation. en-us Thu, 03 Apr 2025 00:00:00 +0530 Tue, 29 Apr 2025 08:33:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769633 CESTAT Mumbai dismissed the appeal regarding overvaluation of imported goods. The tribunal held that customs authorities cannot determine import values outside the statutory framework under Customs Valuation Rules 2007 for confiscation purposes under section 111(m) when no duty shortfall exists. The transaction value remains the default standard unless specific circumstances warrant substitution with surrogate value. The authority's attempt to truncate consideration chain by adopting truncated pricing was neither legally permissible nor supported by precedent. The declared value could not be discarded without sufficient evidence of commercial manipulation. Case-Laws Customs Thu, 03 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769633