COMMISSIONER OF CUSTOMS vs M/S. NATIONAL LAMINATION INDUS

The Supreme Court addressed the issue of undervaluation of imported goods under Section 14 of the Customs Act, 1962 and the Customs Valuation Rules, 1988. The Court held that the transaction value must reflect the price at which similar goods are sold, and the assessee's declaration of lower values was not justified as it did not align with market prices. The Court upheld the demand for differential duty and interest, affirming the lower court's decision regarding the undervaluation claim.