https://www.taxtmi.com/circulars?id=62510 Imports of used second hand machinery are to be valued on transaction value when sale meets CVR requirements, but post-sale reconditioning and buyer-incurred costs must be included in assessable value and may preclude application of transaction value. Where transaction value and other CVR methods cannot be applied due to lack of comparable data, the proper officer may apply the Residual Method to account for condition, depreciation, refurbishment and related charges. Importations should ordinarily be accompanied by an overseas inspection/appraisement report by a Chartered Engineer or equivalent in the prescribed form; domestic notified agencies may prepare Form-B reports if needed. en-us Mon, 08 Aug 2016 00:00:00 +0530 Wed, 18 Sep 2019 18:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=62510 Imports of used second hand machinery are to be valued on transaction value when sale meets CVR requirements, but post-sale reconditioning and buyer-incurred costs must be included in assessable value and may preclude application of transaction value. Where transaction value and other CVR methods cannot be applied due to lack of comparable data, the proper officer may apply the Residual Method to account for condition, depreciation, refurbishment and related charges. Importations should ordinarily be accompanied by an overseas inspection/appraisement report by a Chartered Engineer or equivalent in the prescribed form; domestic notified agencies may prepare Form-B reports if needed. Circulars Customs Mon, 08 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/circulars?id=62510