https://www.taxtmi.com/caselaws?id=54707 Declared transaction value for used cars imported under the Transfer of Residence Rules could not be discarded where purchase invoices from the country of use were available and no bogus invoicing or deliberate undervaluation was alleged. Under Section 14(1) of the Customs Act and Rule 4(2) of the Customs Valuation Rules, transaction value remains the primary basis unless valid grounds for rejection are established. Rule 8 is only a residual method and could not be used to replace the declared price with the list price or domestic market price of the country of exportation for second-hand cars. On these facts, valuation under Rule 8 was impermissible and the declared purchase price had to be accepted. en-us Wed, 28 Sep 2005 00:00:00 +0530 Mon, 29 Apr 2024 14:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=54707 Declared transaction value for used cars imported under the Transfer of Residence Rules could not be discarded where purchase invoices from the country of use were available and no bogus invoicing or deliberate undervaluation was alleged. Under Section 14(1) of the Customs Act and Rule 4(2) of the Customs Valuation Rules, transaction value remains the primary basis unless valid grounds for rejection are established. Rule 8 is only a residual method and could not be used to replace the declared price with the list price or domestic market price of the country of exportation for second-hand cars. On these facts, valuation under Rule 8 was impermissible and the declared purchase price had to be accepted. Case-Laws Customs Wed, 28 Sep 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=54707