https://www.taxtmi.com/caselaws?id=50896 Declared scrap was rejected as transaction value because examination showed used diesel engines and incomplete engine blocks capable of reconditioning, with only limited scrap, and the misdescription and misdeclaration justified recourse to best judgment valuation under Rule 8 of the Customs Valuation Rules, 1988. The invoice value was therefore not accepted, as no reliable evidence displaced contemporaneous import data. The goods were also found to include old used diesel engines not freely importable without the required licence, so confiscation under Section 111(d) of the Customs Act, 1962 followed. The redemption fine and penalty were upheld as commensurate with the import circumstances, and no interference was warranted. en-us Tue, 30 Oct 2001 00:00:00 +0530 Sat, 18 Sep 2010 12:26:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=50896 Declared scrap was rejected as transaction value because examination showed used diesel engines and incomplete engine blocks capable of reconditioning, with only limited scrap, and the misdescription and misdeclaration justified recourse to best judgment valuation under Rule 8 of the Customs Valuation Rules, 1988. The invoice value was therefore not accepted, as no reliable evidence displaced contemporaneous import data. The goods were also found to include old used diesel engines not freely importable without the required licence, so confiscation under Section 111(d) of the Customs Act, 1962 followed. The redemption fine and penalty were upheld as commensurate with the import circumstances, and no interference was warranted. Case-Laws Customs Tue, 30 Oct 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=50896