https://www.taxtmi.com/caselaws?id=51571 Declared transaction value of imported second-hand machinery cannot be replaced by the residual valuation method unless that transaction value is first validly rejected under the Customs Valuation Rules, 1988. The text notes that a Chartered Engineer's certificate supported the reasonableness of the declared price, and the original authority relied on parts of that certificate while disregarding the portion supporting the declared value. Because the declared value was not properly rejected before recourse to the sequential rules and Rule 8, the use of the residual method was unjustified and the Revenue's challenge to the appellate order failed. en-us Fri, 07 Jun 2002 00:00:00 +0530 Sat, 25 Sep 2010 14:28:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=51571 Declared transaction value of imported second-hand machinery cannot be replaced by the residual valuation method unless that transaction value is first validly rejected under the Customs Valuation Rules, 1988. The text notes that a Chartered Engineer's certificate supported the reasonableness of the declared price, and the original authority relied on parts of that certificate while disregarding the portion supporting the declared value. Because the declared value was not properly rejected before recourse to the sequential rules and Rule 8, the use of the residual method was unjustified and the Revenue's challenge to the appellate order failed. Case-Laws Customs Fri, 07 Jun 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=51571