Valuation methodology for customs duties: sequential methods determine input value for pass book imports, ending with officer discretion. Amendment establishes a sequential valuation hierarchy for inputs under the pass book scheme when customs duties are chargeable by reference to value: first use prices of same or similar inputs imported at the export location within a recent prior period; failing that, prices of like inputs imported elsewhere in India within a recent prior period; failing that, prices at which inputs were exported from India within a recent prior period; then contemporaneous published international prices; and finally any other reasonable method as may be approved by the Assistant Commissioner of Customs.
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Valuation methodology for customs duties: sequential methods determine input value for pass book imports, ending with officer discretion.
Amendment establishes a sequential valuation hierarchy for inputs under the pass book scheme when customs duties are chargeable by reference to value: first use prices of same or similar inputs imported at the export location within a recent prior period; failing that, prices of like inputs imported elsewhere in India within a recent prior period; failing that, prices at which inputs were exported from India within a recent prior period; then contemporaneous published international prices; and finally any other reasonable method as may be approved by the Assistant Commissioner of Customs.
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