https://www.taxtmi.com/caselaws?id=336318 Cross-holding of more than 5% shares in both the Indian importer and the foreign supplier brought the parties within the definition of related persons under Rule 2(2)(iv) of the Customs Valuation Rules, 1988. For related persons, valuation had to proceed under Rule 7A on the basis of producer-side cost data and the interpretative notes, not under the residual method using Indian selling prices. The importer was required to furnish relevant cost data and be given a personal hearing. The valuation adopted under Rule 8 could not be sustained, and the matter was remitted for fresh determination under the correct rule. en-us Thu, 11 Aug 2016 00:00:00 +0530 Fri, 16 Dec 2016 10:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=336318 Cross-holding of more than 5% shares in both the Indian importer and the foreign supplier brought the parties within the definition of related persons under Rule 2(2)(iv) of the Customs Valuation Rules, 1988. For related persons, valuation had to proceed under Rule 7A on the basis of producer-side cost data and the interpretative notes, not under the residual method using Indian selling prices. The importer was required to furnish relevant cost data and be given a personal hearing. The valuation adopted under Rule 8 could not be sustained, and the matter was remitted for fresh determination under the correct rule. Case-Laws Customs Thu, 11 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=336318