Declared transaction value cannot be rejected without cogent reasons prescribed in Customs Valuation Rules

Kunj Bihari Textiles Vs C.C.-Mundra (CESTAT Ahmedabad) CESTAT Ahmedabad held that the transaction value declared by the importer should form the basis of assessment unless the same is rejected, for reasons set out in Rules of Customs Valuation Rules. Facts- The issue in the instant case pertains to import of mix lot of Polyester Knitted Fabrics. The revenue had sought to revise the assessable value by rejecting the declared assessable value. Conclusion- Tribunal in the case of M/s. Sedna Impex India P. Ltd. has held that the transaction value declared by the importer should form the basis of a...