Value should firstly be determined as per value of contemporaneous imports of identical goods

Principal Commissioner Vs Wall Street Impex (CESTAT Delhi) CESTAT Delhi held that as per Rule 4 of the Customs Valuation (Value of Imported goods) 2007, the value shall be the value of contemporaneous imports of identical goods. If such a value is not found, then as per Rule 5, the value shall then be the value of contemporaneous imports of similar goods. Only if neither is available, Rules, 7 can be resorted to. Facts- The Show Cause Notices were issued by officers of Directorate of Revenue Intelligence. However, learned consultant for the Respondents specifically submitted that he was not pr...