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of <h1>Government revises assessable value for fan belts & Vee belts, following Supreme Court ruling.</h1> The Government of India revised the assessable value of fan belts and Vee belts sold by a company, focusing on sales to independent dealers rather than ... Valuation - When goods are substantially sold to related persons and partly to independent buyers The Government of India considered a revision application regarding the assessable value of fan belts and Vee belts sold by a company through wholesale dealers. The Government noted that 91% of sales were through a related wholesale dealer and 9% were to independent dealers. Referring to a Supreme Court judgment, the Government determined that the assessable value should be based on sales to independent dealers. Consequently, the Government set aside the order-in-appeal and allowed the revision application.
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