https://www.taxtmi.com/caselaws?id=54596 Declared import value may be rejected where it is unrealistically low against contemporaneous comparable imports of the same origin, because customs valuation must reflect the ordinary competitive price under Section 14(1) of the Customs Act, 1962. Where the transaction value under Rule 4 is unreliable, customs may lawfully move to the alternative method under Rule 5 and adopt the comparable import price. Proof of extra payment is not essential if undervaluation is otherwise established, and authorities accepting steeply discounted invoice prices are inapplicable on such facts. en-us Tue, 23 Aug 2005 00:00:00 +0530 Tue, 23 Apr 2024 10:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=54596 Declared import value may be rejected where it is unrealistically low against contemporaneous comparable imports of the same origin, because customs valuation must reflect the ordinary competitive price under Section 14(1) of the Customs Act, 1962. Where the transaction value under Rule 4 is unreliable, customs may lawfully move to the alternative method under Rule 5 and adopt the comparable import price. Proof of extra payment is not essential if undervaluation is otherwise established, and authorities accepting steeply discounted invoice prices are inapplicable on such facts. Case-Laws Customs Tue, 23 Aug 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=54596