https://www.taxtmi.com/caselaws?id=438801 Under customs valuation law, assessable value must normally be based on the actual transaction value under Section 14 and the Customs Valuation Rules, so a 2% notional high seas sale commission could not be added as a general practice when the contract price and supporting materials were available. The tribunal also held that the declared high seas sale price could not be rejected on the revenue's objection as to genuineness, because the invoice and agreement with the public sector undertakings sufficiently supported the transaction and no sustainable basis existed to discard them. The duty demand based on the notional addition was therefore set aside. en-us Fri, 02 Jun 2023 00:00:00 +0530 Fri, 09 Jun 2023 11:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=438801 Under customs valuation law, assessable value must normally be based on the actual transaction value under Section 14 and the Customs Valuation Rules, so a 2% notional high seas sale commission could not be added as a general practice when the contract price and supporting materials were available. The tribunal also held that the declared high seas sale price could not be rejected on the revenue's objection as to genuineness, because the invoice and agreement with the public sector undertakings sufficiently supported the transaction and no sustainable basis existed to discard them. The duty demand based on the notional addition was therefore set aside. Case-Laws Customs Fri, 02 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=438801