https://www.taxtmi.com/caselaws?id=270633 Customs valuation of cars imported under an ATA Carnet and later sold in India must follow the declared transaction value where contemporaneous imports support that value and the SVB has accepted that the importer-principal relationship did not influence price. The Carnet declaration reflects commercial value in the country of issue for insurance and guarantee purposes; it is not, by itself, customs assessable value. The residual valuation method cannot adopt the domestic market price in the exporting country. Accordingly, the higher Carnet value could not support the duty demand, and the transaction value was required to be accepted. en-us Fri, 11 Sep 2015 00:00:00 +0530 Tue, 12 Jan 2016 00:48:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=270633 Customs valuation of cars imported under an ATA Carnet and later sold in India must follow the declared transaction value where contemporaneous imports support that value and the SVB has accepted that the importer-principal relationship did not influence price. The Carnet declaration reflects commercial value in the country of issue for insurance and guarantee purposes; it is not, by itself, customs assessable value. The residual valuation method cannot adopt the domestic market price in the exporting country. Accordingly, the higher Carnet value could not support the duty demand, and the transaction value was required to be accepted. Case-Laws Customs Fri, 11 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=270633