https://www.taxtmi.com/caselaws?id=270633 For customs valuation of cars imported under an ATA Carnet, the Carnet declaration showing the commercial value in the country of issue cannot override transaction value where contemporaneous imports support the declared price and the Special Valuation Branch has found that the related-party relationship did not affect pricing. The note explains that goods imported duty free under Notification No. 157/90-Cus could later be sold in India with prior approval on payment of duty, but the Carnet value was intended for insurance and guarantee purposes, not as the assessable value. It also states that the residual method under Rule 8(2)(iii) does not permit adoption of the foreign domestic market value. 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 For customs valuation of cars imported under an ATA Carnet, the Carnet declaration showing the commercial value in the country of issue cannot override transaction value where contemporaneous imports support the declared price and the Special Valuation Branch has found that the related-party relationship did not affect pricing. The note explains that goods imported duty free under Notification No. 157/90-Cus could later be sold in India with prior approval on payment of duty, but the Carnet value was intended for insurance and guarantee purposes, not as the assessable value. It also states that the residual method under Rule 8(2)(iii) does not permit adoption of the foreign domestic market value. Case-Laws Customs Fri, 11 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=270633