https://www.taxtmi.com/caselaws?id=51899 Reduced transaction value may be accepted for customs valuation where the imported vessel materially differs from the ship contracted for, because Rule 4 of the Customs Valuation Rules, 1988 looks to the price actually paid or payable for the goods imported. The valuation must correspond to the goods actually delivered, and a post-inspection renegotiated price can represent that value when the agreement itself contemplated discrepancies in description and equipment. A bare departmental concern about possible misuse is insufficient where the factual difference in the goods is undisputed, so the reduced value was upheld and the department's challenge failed. en-us Wed, 18 Jun 2003 00:00:00 +0530 Wed, 17 Jul 2024 13:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=51899 Reduced transaction value may be accepted for customs valuation where the imported vessel materially differs from the ship contracted for, because Rule 4 of the Customs Valuation Rules, 1988 looks to the price actually paid or payable for the goods imported. The valuation must correspond to the goods actually delivered, and a post-inspection renegotiated price can represent that value when the agreement itself contemplated discrepancies in description and equipment. A bare departmental concern about possible misuse is insufficient where the factual difference in the goods is undisputed, so the reduced value was upheld and the department's challenge failed. Case-Laws Customs Wed, 18 Jun 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=51899