2016 (10) TMI 468

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....ion value of the imports made by the appellant from a related party with which they had entered into a Technical Collaboration Agreement. The Dy. Commissioner had compared the list price of the foreign supplier with the actual price of imports on test basis and found them to be identical. Thus holding that the relationship has not affected the transaction value, the declared prices were accepted. Aggrieved by the said order, Revenue had filed an appeal before the Commissioner (Appeals) on the following grounds: "The adjudicating authority, while accepting the transaction value under Rule 4(3) has accepted the transaction value under Rule 4 on the ground that there is no payment on account of technical know how and royalty. However,....

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....hey have not entered into any agreement for transfer of technology and therefore question of payment of any royalty does not arise. He argued that they had pointed out this to be Dy. Commissioner and he has recorded in his order that no technical know-how or royalty as paid or payable to their supplier. They also submitted a detail confirmation after the hearing. To Whomsoever It May Concern We hereby certify that, 1. No Technology Transfer Agreement has been made upto now, as referred in the joint venture agreement between Morarjee Goculdas Spg & Wvg Co. Ltd. and American Saw & Mfg. Co. International, USA, dated March 31, 1997. 2. No payment whatsoever, other than that against the invoices of Bimetal (Bandsaws & ....