https://www.taxtmi.com/caselaws?id=50909 Where the department cannot establish any applicable exception to acceptance of transaction value under the valuation rules, the declared import value must be accepted and resort to Rule 7 is unsustainable. The imported drawer locks were treated as consumer goods requiring licence, and the aluminium diamond levels were also regarded as falling within the relevant negative list entry, so confiscation for import without licence was maintained. However, the redemption fine and penalty were reduced in light of the reduced valuation and the surrounding facts, while the valuation objection succeeded. en-us Wed, 21 Nov 2001 00:00:00 +0530 Sat, 18 Sep 2010 13:02:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=50909 Where the department cannot establish any applicable exception to acceptance of transaction value under the valuation rules, the declared import value must be accepted and resort to Rule 7 is unsustainable. The imported drawer locks were treated as consumer goods requiring licence, and the aluminium diamond levels were also regarded as falling within the relevant negative list entry, so confiscation for import without licence was maintained. However, the redemption fine and penalty were reduced in light of the reduced valuation and the surrounding facts, while the valuation objection succeeded. Case-Laws Customs Wed, 21 Nov 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=50909