Rejection of declared value merely based on presumptions and assumptions is not sustainable

ABC Overseas Vs Principal Commissioner of Customs (CESTAT Delhi) CESTAT Delhi held that rejection of declared value and re-determination of the same merely on presumptions and assumptions without independent evidence is not sustainable in law and hence liable to be set aside. Accordingly, appeal allowed. Facts- M/s ABC Overseas is engaged in business of import and trading of goods since the year 2016 and is mainly importing LED TV and Drywall Screws. It is also engaged in the business of selling and purchasing of goods in the Indian local market. Department got an information about appellant ...