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2017 (10) TMI 573 - CESTAT CHENNAIValuation - imported Rechargeable Lamps PRL 228 - RSP - rejection of declared value - Held that: - the appellant had based their assessable value on invoice price of US$ 0.75 per piece. However, no grounds have been evidenced for rejecting the said declared value as not being transaction value - instead of following the sequences laid down in the Valuation Rules for redetermination of value, the department, for some reason, found it appropriate to work out the assessable value on the basis of market prices of the impugned item obtained through market enquiry. The enhancement is then certainly not based on sufficient reasons for rejection of transaction value and redetermination of value thereupon being based on contemporaneous imports of identical goods - appeal allowed - decided in favor of appellant.
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