https://www.taxtmi.com/caselaws?id=126256 Customs valuation under Section 14 of the Customs Act permits rejection of the declared transaction value only where buyer and seller have mutual interest in each other's business and the price is not the sole consideration. The foreign supplier's shareholding in the Indian joint venture, nominee directors, and transfer of technical know-how did not by itself prove reciprocal interest by the Indian importer in the supplier's business. In the absence of evidence of shareholding, board control, or other controlling interest on the importer's side, mere one-way commercial or managerial influence was insufficient. The declared transaction value therefore could not be rejected on the ground that the parties were related persons. en-us Tue, 03 Mar 2009 00:00:00 +0530 Sat, 29 Jul 2017 09:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=126256 Customs valuation under Section 14 of the Customs Act permits rejection of the declared transaction value only where buyer and seller have mutual interest in each other's business and the price is not the sole consideration. The foreign supplier's shareholding in the Indian joint venture, nominee directors, and transfer of technical know-how did not by itself prove reciprocal interest by the Indian importer in the supplier's business. In the absence of evidence of shareholding, board control, or other controlling interest on the importer's side, mere one-way commercial or managerial influence was insufficient. The declared transaction value therefore could not be rejected on the ground that the parties were related persons. Case-Laws Customs Tue, 03 Mar 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=126256