Legal Document View

Unlock Advanced Research with PRISMAI

Integrated with over 4 crore judgments and laws — designed for legal practitioners, researchers, students and institutions

- Know your Kanoon - Doc Gen Hub - Counter Argument - Case Predict AI - Talk with IK Doc - ...
Upgrade to Premium
[Cites 0, Cited by 0] [Section 2] [Entire Act]

Union of India - Subsection

Section 2(2) in The Customs Valuation (Determination of Value of Imported Goods) Rules, 2007

(2)[ For the purposes of sub-section (1) of section 14 of the Customs Act, 1962 (52 of 1962) and these rules, the value of the imported goods shall be the value of such goods, and shall include -
(a)the cost of transport, loading, unloading and handling charges associated with the delivery of the imported goods to the place of importation;
(b)the cost of insurance to the place of importation:
Provided that where the cost referred to in clause (a) is not ascertainable, such cost shall be twenty per cent of the free on board value of the goods:Provided further that where the free on board value of the goods is not ascertainable but the sum of free on board value of the goods and the cost referred to in clause (b) is ascertainable, the cost referred to in clause (a) shall be twenty per cent of such sum:Provided also that where the cost referred to in clause (b) is not ascertainable, such cost shall be 1.125% of free on board value of the goods:Provided also that where the free on board value of the goods is not ascertainable but the sum of free on board value of the goods and the cost referred to in clause (a) is ascertainable, the cost referred to in clause (b) shall be 1.125% of such sum:Provided also that in the case of goods imported by air, where the cost referred to in clause (a) is ascertainable, such cost shall not exceed twenty per cent of free on board value of the goods:Provided also that in the case of goods imported by sea or air and transshipped to another customs station in India, the cost of insurance, transport, loading, unloading, handling charges associated with such transshipment shall be excluded.Explanation. - The cost of transport of the imported goods referred to in clause (a) includes the ship demurrage charges on charted vessels, lighterage or barge charges.] [Substituted by Notification No. G.S.R. 1202(E), dated 26.9.2017 (w.e.f. 13.9.2007).]
(2) For the purpose of these rules, persons shall be deemed to be "related" only if -(i) they are officers or directors of one another's businesses;(ii) they are legally recognised partners in business;(iii) they are employer and employee;(iv) any person directly or indirectly owns, controls or holds five per cent or more of the outstanding voting stock or shares of both of them;(v) one of them directly or indirectly controls the other;(vi) both of them are directly or indirectly controlled by a third person;(vii) together they directly or indirectly control a third person; or(viii) they are members of the same family.Explanation I.-The term "person" also includes legal persons.Explanation II.-Persons who are associated in the business of one another in that one is the sole agent or sole distributor or sole concessionaire, howsoever described, of the other shall be deemed to be related for the purpose of these rules, if they fall within the criteria of this sub-rule.