https://www.taxtmi.com/caselaws?id=439438 The ruling concluded that the Transfer Pricing System and Steering Concept (TPuS) method for determining the transaction value of goods imported from related parties is consistent with Section 14 of the Customs Act, 1962, and the Customs Valuation (Determination of Value of Imported Goods) Rules, 2007. The ruling will apply prospectively to the TPuS method proposed to be adopted by the applicant for transaction value determination from 1st May 2023. The applicant must comply with the procedure prescribed in the CBEC (now CBIC) Circular No. 5/2016 Customs dated 09/02/2016 for related party transactions. en-us Tue, 27 Dec 2022 00:00:00 +0530 Sat, 24 Jun 2023 16:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=439438 The ruling concluded that the Transfer Pricing System and Steering Concept (TPuS) method for determining the transaction value of goods imported from related parties is consistent with Section 14 of the Customs Act, 1962, and the Customs Valuation (Determination of Value of Imported Goods) Rules, 2007. The ruling will apply prospectively to the TPuS method proposed to be adopted by the applicant for transaction value determination from 1st May 2023. The applicant must comply with the procedure prescribed in the CBEC (now CBIC) Circular No. 5/2016 Customs dated 09/02/2016 for related party transactions. Case-Laws Customs Tue, 27 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=439438