https://www.taxtmi.com/caselaws?id=47205 The Supreme Court upheld the Tribunal's decision in a case concerning the determination of the transaction value of an imported oil rig. The declared value of the rig was accepted, supported by evidence of market fluctuations and expert affidavits. The relationship between the buyer and seller did not influence the transaction value, as confirmed by third-party valuations. The method used by the Commissioner to assess the rig's value was deemed inappropriate, and penalties imposed were set aside. The Tribunal's acceptance of evidence and expert affidavits was found appropriate, leading to the dismissal of Revenue's appeals. en-us Mon, 14 Feb 2005 00:00:00 +0530 Wed, 15 Oct 2014 14:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=47205 The Supreme Court upheld the Tribunal's decision in a case concerning the determination of the transaction value of an imported oil rig. The declared value of the rig was accepted, supported by evidence of market fluctuations and expert affidavits. The relationship between the buyer and seller did not influence the transaction value, as confirmed by third-party valuations. The method used by the Commissioner to assess the rig's value was deemed inappropriate, and penalties imposed were set aside. The Tribunal's acceptance of evidence and expert affidavits was found appropriate, leading to the dismissal of Revenue's appeals. Case-Laws Customs Mon, 14 Feb 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=47205