Valuation of second hand machinery: declared import values tested against engineer appraisal, depreciation and valuation rules. Imported second hand machinery should ordinarily be accompanied by an overseas Chartered Engineer inspection/appraisement in Form A, or failing that by a DGFT notified inspection agency report in Form B. The declared value will be compared with the engineer's report and depreciated value; if no doubt arises the value may be accepted under the primary valuation rule, but significant discrepancies will prompt a request for explanation and a valuation determination under the customs valuation framework after considering depreciation, refurbishment and condition.
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Provisions expressly mentioned in the judgment/order text.
Valuation of second hand machinery: declared import values tested against engineer appraisal, depreciation and valuation rules.
Imported second hand machinery should ordinarily be accompanied by an overseas Chartered Engineer inspection/appraisement in Form A, or failing that by a DGFT notified inspection agency report in Form B. The declared value will be compared with the engineer's report and depreciated value; if no doubt arises the value may be accepted under the primary valuation rule, but significant discrepancies will prompt a request for explanation and a valuation determination under the customs valuation framework after considering depreciation, refurbishment and condition.
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