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TMI Blog2017 (5) TMI 931X X X X Extracts X X X X X X X X Extracts X X X X ..... of the goods plus the cost of transport in cases where cost of insurance is not ascertainable. However such loading is required to be done only in respect of the transaction value of the goods for import. The “Credit Insurance Charges” have been paid by the appellant to its principal to cover the insurance in respect of payments to be received by the appellant for supply of goods made to custom ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 terms of rule 2(2) of the Customs Valuation Rules 2007, the imports of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he 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. 3. In the present appeal, the appellant has contended that the Cred ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 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 ascertainable. However such loading is required to be done only in respec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he 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 payments for supplies made by the appellant of goods made by them in India, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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