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2017 (2) TMI 134 - AT - CustomsUndervaluation of the goods imported - ICs, transistors etc. - Held that: - the respondents have produced documentary evidence of contemporaneous imports by other importer, which was verified by him and he noticed the value declared by the respondent were consistent with value declared by others; adjudicating authority correctly records that statements lacks credibility due to contemporaneous evidence, we agree this findings - even if assuming that the statements are to be relied, and there was undervaluation, the provisions of Customs Valuation Rules needs to be followed which would mean that Rule 5 & Rule 6 of the Valuation Rules needs to be applied which contemplates for the application of contemporaneous value; which adjudicating authority has done so, we have no hesitation in upholding the findings of the adjudicating authority. The impugned order is correct, legal and does not suffer from any infirmity - appeal rejected - decided against revenue.
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