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2020 (10) TMI 180 - AT - CustomsValuation of imported goods - Sunglasses of various models - rejection of transaction value - confiscation of goods - imposition of penalty - HELD THAT:- Section 14 of the Customs Act provides that for the purpose of valuation the value of imported goods shall be the transaction value of such goods, i.e. to say, the price actually paid or payable for the goods when sold for export to India for delivery at the time of place of importation, or as the case may be for export from India, where the buyer and seller of the goods are not related and price is the sole consideration for the sale, subject to such other conditions as may be specified in the rules made in this behalf. It is further provided that rules made in this behalf may provide for the manner and acceptance or rejection of value declared by the importer or exporter, where the proper officer has reason to doubt the truth or accuracy of such value and determine value for the purposes of this Section. There are no reasons recorded for rejection of transaction value before taking the exercise of revaluation and enhancement of transaction value. Appeal allowed - decided in favor of appellant.
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