https://www.taxtmi.com/caselaws?id=466485 Transaction value under customs law must meet statutory conditions including delivery terms, unrelated buyer-seller and sole consideration; a prior higher export price alone does not justify rejecting declared transaction value if those conditions are met, so the declared value cannot be displaced on that basis. Sequential application of Valuation Rules 5-8 is permissible only when transaction value is indeterminable; comparable-price valuation requires goods sold in the same condition as imported and cannot be based on domestic selling price of locally produced goods, so values computed under Rule 7(1) or Rule 8(2)(i) were unsustainable on the facts. Mis declaration of country of origin is treated as a technical offence absent culpable conduct and penalties or confiscation against officers require proof of personal contravention; such penalties were held not sustainable. en-us Tue, 10 Aug 1999 00:00:00 +0530 Tue, 10 Feb 2026 11:06:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466485 Transaction value under customs law must meet statutory conditions including delivery terms, unrelated buyer-seller and sole consideration; a prior higher export price alone does not justify rejecting declared transaction value if those conditions are met, so the declared value cannot be displaced on that basis. Sequential application of Valuation Rules 5-8 is permissible only when transaction value is indeterminable; comparable-price valuation requires goods sold in the same condition as imported and cannot be based on domestic selling price of locally produced goods, so values computed under Rule 7(1) or Rule 8(2)(i) were unsustainable on the facts. Mis declaration of country of origin is treated as a technical offence absent culpable conduct and penalties or confiscation against officers require proof of personal contravention; such penalties were held not sustainable. Case-Laws Customs Tue, 10 Aug 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466485