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of <h1>New Guidelines for Valuing Second-Hand Machinery: Apply Rule 3 for Immediate Imports, Use Rule 9 for Depreciation Adjustments.</h1> The circular addresses the inconsistent valuation practices of second-hand machinery by Custom Houses and Customs Commissionerates. It outlines guidelines based on judicial decisions to standardize these practices. The transaction value method under Rule 3 of the Customs Valuation Rules, 2007, can be applied if the machinery was imported immediately after sale. If this value is rejected, Rule 9 allows valuation based on the new machine's value, adjusted for depreciation. Rule 12 provides a procedural framework for rejecting declared values when there is doubt about their accuracy. Assessing officers are instructed to follow these guidelines and issue detailed orders when rejecting declared values.
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