Valuation of second hand machinery: use transaction value if valid, otherwise apply residual methods and engineer appraisals. Valuation of imported used capital goods relies on the transaction value where sale conditions are met; when pre import alterations or buyer incurred costs exist, those elements must be quantified. If transaction value conditions fail and comparable sales or computed cost data are unavailable for used machinery, the officer should apply alternative valuation methods sequentially and may use the residual method to account for condition, depreciation, refurbishment and related charges. Neutral inspection/appraisement reports in prescribed formats from overseas Chartered Engineers or locally empanelled engineers shall be used to ensure uniform, commercially realistic valuation.
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Provisions expressly mentioned in the judgment/order text.
Valuation of second hand machinery: use transaction value if valid, otherwise apply residual methods and engineer appraisals.
Valuation of imported used capital goods relies on the transaction value where sale conditions are met; when pre import alterations or buyer incurred costs exist, those elements must be quantified. If transaction value conditions fail and comparable sales or computed cost data are unavailable for used machinery, the officer should apply alternative valuation methods sequentially and may use the residual method to account for condition, depreciation, refurbishment and related charges. Neutral inspection/appraisement reports in prescribed formats from overseas Chartered Engineers or locally empanelled engineers shall be used to ensure uniform, commercially realistic valuation.
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