https://www.taxtmi.com/caselaws?id=43659 Imported second-hand goods must be valued under Section 14(1) of the Customs Act on the basis of the ordinary international market value of such or like goods at the time and place of importation, on an arm's length basis and with price as the sole consideration. Rule 8 of the Customs Valuation Rules, 1988, being a residual method, cannot justify an arbitrary or fictitious valuation or the use of a new car's list price without a reliable comparable second-hand market basis. The customs valuation adopted on that approach was unsustainable, and the assessment was quashed with remand for reassessment under the correct statutory framework. en-us Thu, 06 Aug 1992 00:00:00 +0530 Sat, 19 Jun 2010 12:52:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=43659 Imported second-hand goods must be valued under Section 14(1) of the Customs Act on the basis of the ordinary international market value of such or like goods at the time and place of importation, on an arm's length basis and with price as the sole consideration. Rule 8 of the Customs Valuation Rules, 1988, being a residual method, cannot justify an arbitrary or fictitious valuation or the use of a new car's list price without a reliable comparable second-hand market basis. The customs valuation adopted on that approach was unsustainable, and the assessment was quashed with remand for reassessment under the correct statutory framework. Case-Laws Customs Thu, 06 Aug 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=43659