https://www.taxtmi.com/caselaws?id=43679 Customs valuation of imported goods is governed by the Customs Act and valuation rules, so the transaction value and the statutory valuation date control rather than the importer's price arrangement with the foreign seller or the import policy. Where the Central Government has notified an exchange rate under the Act, that rate applies for conversion when assessing customs duty. The Court further held that purchase of Exim Scrips and the import policy did not create any enforceable promise preventing application of the statutory valuation method or the notified exchange rate. The duty assessment based on the Central Government's exchange rate was therefore upheld. en-us Tue, 06 Jul 1993 00:00:00 +0530 Sat, 19 Jun 2010 13:37:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=43679 Customs valuation of imported goods is governed by the Customs Act and valuation rules, so the transaction value and the statutory valuation date control rather than the importer's price arrangement with the foreign seller or the import policy. Where the Central Government has notified an exchange rate under the Act, that rate applies for conversion when assessing customs duty. The Court further held that purchase of Exim Scrips and the import policy did not create any enforceable promise preventing application of the statutory valuation method or the notified exchange rate. The duty assessment based on the Central Government's exchange rate was therefore upheld. Case-Laws Customs Tue, 06 Jul 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=43679