https://www.taxtmi.com/caselaws?id=52402 For second-hand machinery, where the declared value is not substantiated and no identical or similar imports are available, value may be determined under Rule 8 of the Customs Valuation Rules, 1988 using a depreciation method based on the machine's new value and permissible depreciation, consistent with Section 14(1) of the Customs Act, 1962. On that basis, the enhanced valuation was upheld. Because the goods were also imported without the required specific licence, confiscation and penalty were sustained. en-us Fri, 26 Sep 2003 00:00:00 +0530 Tue, 05 Oct 2010 16:29:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=52402 For second-hand machinery, where the declared value is not substantiated and no identical or similar imports are available, value may be determined under Rule 8 of the Customs Valuation Rules, 1988 using a depreciation method based on the machine's new value and permissible depreciation, consistent with Section 14(1) of the Customs Act, 1962. On that basis, the enhanced valuation was upheld. Because the goods were also imported without the required specific licence, confiscation and penalty were sustained. Case-Laws Customs Fri, 26 Sep 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=52402