2017 (5) TMI 931

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....l) Shri. S.N. Panda, Advocate for the Appellant Shri Govind Dixit, DR for the Respondent ORDER Per V. Padmanabhan The present appeal is against the order in appeal no. 606/16 dated 05.07.2016. The appellant is a manufacturer of sealant, adhesives, etc. and regularly imports goods from their principal in Belgium. Since the foreign suppliers and the appellant is related persons in ter....

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.... by the appellant to the foreign principal will need to be added to the transaction value to determine the assessable value of imported goods for payment of duty. It has been held that in terms of section 14 of the Customs Act read with Rule 10 of the Customs Valuation Rules the cost of insurance will need to be added to the transaction value at the rate of 1.125% since it is not ascertainable. ....

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....pellant is that there is no justification for it to be included in the transaction value. 4. Heard both the sides and perused the records. 5. Rule 10 of the Customs Valuation Rules read with Section 14 of the Customs Act 1962 provides for addition of an amount at the rate of 1.125% of the free on board value of the goods plus the cost of transport in cases where cost of insurance is not asce....

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....cessary to verify the terms of the insurance policy entered into by the principal with insurance company M/s. Euler Herms. We find from the records that such verification has not been done by the authorities below. Consequently, we consider it necessary to remand the matter to the original adjudicating authority to verify the relevant insurance policies. If said insurance policies cover the paymen....