https://www.taxtmi.com/caselaws?id=788711 Freight and insurance were required to be loaded into the declared FOB value for customs valuation where the importer could not document that the transaction was truly on CIF terms or that transport and insurance were nil and ascertainable; the invoice terms also indicated buyer's risk and supported loading under the valuation rules. The extended limitation period was not available because the importer had disclosed the FOB value and sample declarations showed nil freight and insurance, while the Department failed to prove conscious suppression or wilful misstatement. The dispute was treated as interpretative and revenue neutral, so the demand was time-barred and the penalty did not survive. en-us Wed, 25 Mar 2026 00:00:00 +0530 Fri, 27 Mar 2026 08:52:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=788711 Freight and insurance were required to be loaded into the declared FOB value for customs valuation where the importer could not document that the transaction was truly on CIF terms or that transport and insurance were nil and ascertainable; the invoice terms also indicated buyer's risk and supported loading under the valuation rules. The extended limitation period was not available because the importer had disclosed the FOB value and sample declarations showed nil freight and insurance, while the Department failed to prove conscious suppression or wilful misstatement. The dispute was treated as interpretative and revenue neutral, so the demand was time-barred and the penalty did not survive. Case-Laws Customs Wed, 25 Mar 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=788711