https://www.taxtmi.com/highlights?id=99150 Under Rule 10(2), transport cost up to the place of importation had to be included in assessable value, so where imports were invoiced on ex-works basis the cost up to loading on board had first to be added to reach FOB value, and the 20% air-freight cap was to be computed with reference to that FOB value. The valuation objection therefore failed. However, extended limitation for short-levy required collusion, wilful misstatement or suppression of facts, and the same foundation was necessary for penalty under section 114A. The wrong declaration of ex-works price as FOB value was treated as an oversight, with no material showing intent to evade duty; accordingly, the demand raised only under the extended period and the penalties on the importer and customs broker were set aside. en-us Sat, 25 Apr 2026 08:51:42 +0530 Sat, 25 Apr 2026 08:51:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=99150 Under Rule 10(2), transport cost up to the place of importation had to be included in assessable value, so where imports were invoiced on ex-works basis the cost up to loading on board had first to be added to reach FOB value, and the 20% air-freight cap was to be computed with reference to that FOB value. The valuation objection therefore failed. However, extended limitation for short-levy required collusion, wilful misstatement or suppression of facts, and the same foundation was necessary for penalty under section 114A. The wrong declaration of ex-works price as FOB value was treated as an oversight, with no material showing intent to evade duty; accordingly, the demand raised only under the extended period and the penalties on the importer and customs broker were set aside. Highlights Customs Sat, 25 Apr 2026 08:51:42 +0530 https://www.taxtmi.com/highlights?id=99150