https://www.taxtmi.com/caselaws?id=74021 An abandoned ocean-going vessel may lose its exempt character and be chargeable to customs duty when it becomes a derelict ship sold for breaking up, because customs law applies to imported goods and the relevant exemption ceases once the vessel is no longer retained as an ocean-going vessel. For valuation, where the vessel is sold on an 'as is where is' basis and the auction reflects the market value for scrap in the special facts, the assessable value may properly be taken from the highest auction bid plus landing charges rather than a lower surveyor's estimate. en-us Mon, 26 Sep 1988 00:00:00 +0530 Mon, 06 Jun 2011 11:53:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=74021 An abandoned ocean-going vessel may lose its exempt character and be chargeable to customs duty when it becomes a derelict ship sold for breaking up, because customs law applies to imported goods and the relevant exemption ceases once the vessel is no longer retained as an ocean-going vessel. For valuation, where the vessel is sold on an 'as is where is' basis and the auction reflects the market value for scrap in the special facts, the assessable value may properly be taken from the highest auction bid plus landing charges rather than a lower surveyor's estimate. Case-Laws Customs Mon, 26 Sep 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=74021