https://www.taxtmi.com/caselaws?id=89276 For customs valuation, the relevant transaction value is the price actually paid or payable for goods sold for export to India under Section 14 of the Customs Act and Rule 4(1) of the 1988 Valuation Rules. A later post-import addendum reducing the contract price of an imported vessel does not replace the original import price, because it is not part of the international trade transaction. Such a reduction can matter only if it reflects a legally cognisable contractual defect, non-conformity, or a serious breach affecting the bargain. On the stated facts, the original agreed price remained the assessable value and the post-import reduction was ineffective. en-us Tue, 20 Mar 2007 00:00:00 +0530 Mon, 26 Sep 2011 10:04:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=89276 For customs valuation, the relevant transaction value is the price actually paid or payable for goods sold for export to India under Section 14 of the Customs Act and Rule 4(1) of the 1988 Valuation Rules. A later post-import addendum reducing the contract price of an imported vessel does not replace the original import price, because it is not part of the international trade transaction. Such a reduction can matter only if it reflects a legally cognisable contractual defect, non-conformity, or a serious breach affecting the bargain. On the stated facts, the original agreed price remained the assessable value and the post-import reduction was ineffective. Case-Laws Customs Tue, 20 Mar 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=89276