Transaction value rejection requires reliable corroboration; refundable VAT is excluded and temporary registration does not defeat new-vehicle exemption.

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....Declared transaction value retains statutory primacy but may be rejected under Rule 12 where reliable, objective evidence creates reasonable doubt about its accuracy. Contemporaneous invoices, overseas verification, electronic correspondence and commercial records supported enhancement of the imported vehicle's value; refundable VAT was excluded because it was not part of the price paid or payable for export to India. Temporary overseas registration without evidence of actual use does not make a vehicle used or defeat concessional-duty eligibility. Deliberate undervaluation supports confiscation, but redemption fine cannot apply after clearance where the goods are unavailable. Duty and the linked penalty require re-quantification, while the intermediary's penalty remains unaffected.....