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2010 (10) TMI 31 - SC - CustomsValuation - Mis declaration in bill of entry - rejection of transaction value - application of valuation rules - revenue contended that since the respondent had made mis-declarations in the bill of entry in relation to quantity, country of origin and value of the goods, the transaction value had to be rejected in terms of Section 14(1) of the Act and Rule 4(2) of the 1988 Rules - revenue further contended that n the absence of contemporaneous imports of identical or similar goods, Rule 7 of 1988 Rules would apply - Held that: - the Tribunal has failed to apply the procedure envisaged in Section 14(1) of the Act read with 1988 Rules for determining the value of the imported goods - the Tribunal needs to re-examine the entire matter afresh
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