Tolin Rubbers Pvt. Ltd. vs Commissioner Of Customs, Cochin

The Supreme Court held that the valuation of imported machinery under Section 14 of the Customs Act, 1962, must follow the procedures outlined in the Customs Valuation Rules, 1988, specifically Rule 4 regarding transaction value. The Court found that the authorities failed to apply Rule 4(2) to justify rejecting the transaction value, leading to an incorrect assessment. Consequently, the Court set aside the previous orders and accepted the appellant's Bill of Entry, ordering any payments made to be refunded.