Undervaluation - Imports of high-end foreign cars - The ...

Customs

May 1, 2024

Undervaluation - Imports of high-end foreign cars - The appellate tribunal noted that the assessable value was determined using various sources, including the car manufacturer's website and internet values. However, crucial information, such as Alberto's retracted statement and documentary evidence, was not adequately considered. The tribunal observed discrepancies in the invoices and highlighted the lack of evidence supporting the revenue's allegations of under-valuation. As the burden of proof rested with the revenue, the tribunal found the valuation unsustainable and set aside the impugned order.

View Source

← Previous Next →

Undervaluation - Imports of high-end foreign cars - The ...

Customs

May 1, 2024

You may also like:

Valuation of the import of car - the CESTAT criticized the adjudicating authority for rejecting the declared value...

Import of high end luxury cars from various foreign suppliers by mis-declaring as new - Undervaluation of goods - Appellant is a subsequent purchase of the car - the...

Valuation - undervaluation - “Polo” and “Vento” models of their car - related party transaction - interconnected undertakings - Mutuality of Interest - It is found that...

Confiscating absolutely seven gold bars having foreign make marking - Smuggling - Hyundai Verna Car - sufficient evidence to prove foreign origin goods - The Tribunal...

Nature of loss on the sale of foreign - the foreign cars do not form part of a block of assets and, admittedly, have not been granted depreciation - the foreign cars...

Valuation - discount given on the Demo cars disallowed - value of the demo cars to be determined as per the price of normal cars cleared to the dealers - AT

Quantification of GST - calculation of tax on new car purchase by the company is sold after using it for business purpose - The Value for intended supply shall be the...

Capital loss on the sale of the foreign cars - when the sale of the cars itself flow from the terms of the lease agreement and the terms of the agreement thus not...

Addition made on account of valuation of cars - AO adopted the insurance value as the value of the motor cars for the purpose of computing the net wealth of the assessee...

Valuation - the value of new car which is required to be picked up for arriving at the value of second hand car on the basis of determination of formula has to be value...

Undervaluation - mis-declaration - there is no reference to any evidence on record to create a doubt about transaction value or to believe the certificate given by the...

Undervaluation – import of old and used machinery – enhancement of value – Old and used machinery is inherently prone to undervaluation - Adjudicating authority...

Eligibility for concessional rate of additional duty on import of car - Notification No. 64/93-CE - it was almost impossible to visualise a situation where a foreign...

Depreciation on motor cars purchased and used in Iraq - the second proviso to Section 32(1)(ii) was not to deny depreciation on foreign cars used in foreign countries...

Transaction value - Valuation (Customs) - Special or abnormal discount to the related buyers which were in excess of 3% discount - The Appellate Tribunal observed that...

Quick Updates: