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Customs - Highlights / Catch Notes

Home Highlights November 2021 Year 2021 This

Valuation of imported goods - Related person - Merely because ...

Customs

November 15, 2021

Valuation of imported goods - Related person - Merely because there were transfer of funds in India amongst three importers will not make them related persons in terms of Rule 2(2) of CVR,2007. The concept of related person under the Customs Act, 1962 is applicable only with regard to imported goods. The transfer of funds from one entity to another entity in India cannot have any bearing on the concept of related person with regard to the provisions of the Customs Act and Valuation Rules made there under - all the three importers cannot be treated as related persons. - AT

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