https://www.taxtmi.com/caselaws?id=51558 Assessable value of imported goods cannot be enhanced merely on the basis of an admission about the contents of the containers or on assumption; the revenue must support revaluation with contemporaneous import data, market enquiry, or other reliable evidence of market value. In the absence of such material, the proposed enhancement was not sustained. Although misdeclaration was not in dispute, the consequential issues of confiscation, redemption fine, and penalty required fresh consideration after due hearing. The impugned order was set aside and the matter remanded for fresh adjudication on valuation and the related consequences. en-us Tue, 24 Sep 2002 00:00:00 +0530 Sat, 25 Sep 2010 13:48:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=51558 Assessable value of imported goods cannot be enhanced merely on the basis of an admission about the contents of the containers or on assumption; the revenue must support revaluation with contemporaneous import data, market enquiry, or other reliable evidence of market value. In the absence of such material, the proposed enhancement was not sustained. Although misdeclaration was not in dispute, the consequential issues of confiscation, redemption fine, and penalty required fresh consideration after due hearing. The impugned order was set aside and the matter remanded for fresh adjudication on valuation and the related consequences. Case-Laws Customs Tue, 24 Sep 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=51558