https://www.taxtmi.com/caselaws?id=43734 Imported watch spare parts were to be valued on the declared invoice price where the importer showed genuine long-standing purchases at a competitive trade discount and the department failed to establish a reliable comparable market value. A foreign retail price list could not displace the transaction value because it did not reflect the price prevailing at the time and place of importation, and no sufficient relationship or other basis was shown to reject the invoice. The operative valuation rule was therefore Section 14(1)(a) of the Customs Act, 1962, and the rejection of declared value on suspicion was unsustainable. en-us Wed, 17 Jun 1987 00:00:00 +0530 Sat, 19 Jun 2010 16:59:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=43734 Imported watch spare parts were to be valued on the declared invoice price where the importer showed genuine long-standing purchases at a competitive trade discount and the department failed to establish a reliable comparable market value. A foreign retail price list could not displace the transaction value because it did not reflect the price prevailing at the time and place of importation, and no sufficient relationship or other basis was shown to reject the invoice. The operative valuation rule was therefore Section 14(1)(a) of the Customs Act, 1962, and the rejection of declared value on suspicion was unsustainable. Case-Laws Customs Wed, 17 Jun 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=43734