https://www.taxtmi.com/caselaws?id=53605 Declared transaction value of imported second-hand machinery must be accepted under the Customs Act where it is supported by a credible overseas Chartered Engineer's certificate and there is no evidence of extra payment or another independent basis to discredit it. A domestic Chartered Engineer's contrary report, based on inadequately substantiated visual examination, market enquiries or past inspection records, cannot alone justify rejecting the declared value. Consequently, misdeclaration findings, confiscation and penalties cannot be sustained solely on that report. en-us Thu, 18 Nov 2004 00:00:00 +0530 Thu, 14 Oct 2010 12:15:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=53605 Declared transaction value of imported second-hand machinery must be accepted under the Customs Act where it is supported by a credible overseas Chartered Engineer's certificate and there is no evidence of extra payment or another independent basis to discredit it. A domestic Chartered Engineer's contrary report, based on inadequately substantiated visual examination, market enquiries or past inspection records, cannot alone justify rejecting the declared value. Consequently, misdeclaration findings, confiscation and penalties cannot be sustained solely on that report. Case-Laws Customs Thu, 18 Nov 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=53605