https://www.taxtmi.com/caselaws?id=796467 For customs valuation, the price actually paid by the subsequent importer under its direct contract with the overseas supplier is the transaction value where the parties are unrelated and price is the sole consideration. The original importer neither honoured the letter of credit nor took delivery, so its contract did not result in a completed sale or payment. As the subsequent importer paid the renegotiated price, obtained title and clearance, and no additional consideration or basis to reject the declared value existed, the declared price is to be accepted as the assessable value. The transaction-value regime applicable to the import could not be displaced by the earlier deemed-value approach. en-us Fri, 31 Jul 2026 00:00:00 +0530 Thu, 06 Aug 2026 09:11:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=796467 For customs valuation, the price actually paid by the subsequent importer under its direct contract with the overseas supplier is the transaction value where the parties are unrelated and price is the sole consideration. The original importer neither honoured the letter of credit nor took delivery, so its contract did not result in a completed sale or payment. As the subsequent importer paid the renegotiated price, obtained title and clearance, and no additional consideration or basis to reject the declared value existed, the declared price is to be accepted as the assessable value. The transaction-value regime applicable to the import could not be displaced by the earlier deemed-value approach. Case-Laws Customs Fri, 31 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=796467