https://www.taxtmi.com/caselaws?id=52355 Declared transaction value in customs valuation cannot be rejected on the basis of the letter of credit, insurance values, or an unsubstantiated allegation of undervaluation unless the department gives cogent reasons for displacing the importer's contemporaneous evidence. The text also states that comparable imports and price negotiations must be properly considered, and that insurance values are not a reliable proxy for assessable value because they may include non-duty components. It further emphasises that the residual valuation method cannot be used before the sequential rules for identical and similar goods have been exhausted. On that basis, the enhancement of value was held unsustainable. en-us Thu, 20 Nov 2003 00:00:00 +0530 Tue, 02 Jul 2024 14:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=52355 Declared transaction value in customs valuation cannot be rejected on the basis of the letter of credit, insurance values, or an unsubstantiated allegation of undervaluation unless the department gives cogent reasons for displacing the importer's contemporaneous evidence. The text also states that comparable imports and price negotiations must be properly considered, and that insurance values are not a reliable proxy for assessable value because they may include non-duty components. It further emphasises that the residual valuation method cannot be used before the sequential rules for identical and similar goods have been exhausted. On that basis, the enhancement of value was held unsustainable. Case-Laws Customs Thu, 20 Nov 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=52355