Court Rules Against Notional Price in Aircraft Engine Valuation; Violates Rules 3, 4, and 5 for Transaction Value.

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....Valuation of imported goods - aircraft engine - vehicle expressly imported for a limited period and for ‘stop gap’ fitment during the overhaul of the regular engines by the provider of the imported replacement - The impugned order has adopted a base value to which additions have been made and, in the process, utilized a notional price in the agreement that is neither price paid nor price payable which is a necessary qualification for ‘transaction value’ of ‘imported goods’, ‘identical goods’ or ‘similar goods’ in rule 3, 4 and 5 - Likewise rule 7 and 8 of the said Rules specify the circumstances that validate appraisal. - AT....