https://www.taxtmi.com/caselaws?id=773172 Customs valuation law permits determination of assessable value for assessment purposes, but it does not authorise Customs to rewrite the contractually agreed FOB transaction value of exported goods. Section 14 of the Customs Act, 1962 and the Customs Valuation (Determination of Value of Export Goods) Rules, 2007 govern valuation for customs purposes only; a stranger to the export contract cannot alter the price agreed between buyer and seller. Where the FOB re-determination is unsustainable, consequential confiscation, redemption fine, penalties, and re-working of duty drawback or other export incentives based on that altered value also fall away. en-us Fri, 06 Jun 2025 00:00:00 +0530 Wed, 18 Jun 2025 11:37:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=773172 Customs valuation law permits determination of assessable value for assessment purposes, but it does not authorise Customs to rewrite the contractually agreed FOB transaction value of exported goods. Section 14 of the Customs Act, 1962 and the Customs Valuation (Determination of Value of Export Goods) Rules, 2007 govern valuation for customs purposes only; a stranger to the export contract cannot alter the price agreed between buyer and seller. Where the FOB re-determination is unsustainable, consequential confiscation, redemption fine, penalties, and re-working of duty drawback or other export incentives based on that altered value also fall away. Case-Laws Customs Fri, 06 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=773172