https://www.taxtmi.com/caselaws?id=54485 Where parties validly revise the contract price in writing before delivery, and no exception under the customs valuation rules is shown, customs valuation must proceed on the genuine transaction value actually paid or payable. The contract addendum and surrounding documents supported the reduced price, with no material indicating sham pricing or clandestine remittance. The commentary also notes that a precedent concerning ocean-going vessels under an exemption notification did not apply to vessels imported for breaking. Where assessment was provisional, the proper officer must complete final assessment under the Customs Act before the matter is concluded. en-us Thu, 26 May 2005 00:00:00 +0530 Fri, 17 May 2024 10:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=54485 Where parties validly revise the contract price in writing before delivery, and no exception under the customs valuation rules is shown, customs valuation must proceed on the genuine transaction value actually paid or payable. The contract addendum and surrounding documents supported the reduced price, with no material indicating sham pricing or clandestine remittance. The commentary also notes that a precedent concerning ocean-going vessels under an exemption notification did not apply to vessels imported for breaking. Where assessment was provisional, the proper officer must complete final assessment under the Customs Act before the matter is concluded. Case-Laws Customs Thu, 26 May 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=54485