VALUATION/ASSESSMENT PRACTICE IN REPECT OF EXPORT OF IRON ORE-REG.

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....o valuations of iron ore entered for export has been examined by the board. 1. It has been reported that Iron ore, bay its nature, undergoes a change in moisture Fe content with the passage of time including during transport. The Iron ore is tested both at the load port and at the port of discharge for ascertaining its quality and price. The commercial contracts governing its sale, often, contain....

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....n relation to the provisional invoice, contract, weight, price, etc., by the proper officer in terms of the provisions of section 14 and the Customs Valuations (Determination of Value of Export Goods) Rules, 2007 and the Shipping Bill may be provisionally assessed. In case of the transaction being declared or found to be between related parties, procedures governing related party transaction shall....

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....les, 2007. In so case, shall a price based upon the average of the two test reports be accepted for the purposes of arriving at the assessable value. (e) In cases where the transaction is being declared or is found to be between related Parties, while the above procedures will continue to be followed, the finalization of assessment shall be done by following instructions governing the investigati....