Price of Comparable Imported Goods

The Supreme Court has stated that customs authorities cannot assess value of imported goods at a rate higher than that declared by the importer without disclosing the basis of such assessment. The Customs Valuation Rules enable the authorities to determine the value of the imported goods on the basis of identical imported goods of comparable transaction. In the case of Giri Enterprises vs Commissioner of Customs, the court was of the view that, the firm must be given an opportunity to establish that its transactions are not comparable.