In a related party transaction between a wholly-owned subsidiary located abroad and the Indian parent company, if there is a regular trade and certain customised items do not have any comparable independent price, what procedure is to be followed under the Customs Act?
Rule 3(3)(a) of the Customs Valuation (Determination of Value of Imported Goods) Rules, 2007 provides that where the buyer and the seller are related, the circumstances surrounding the sale will be examined. Rule 3(3)(b) provides an opportunity for the importer to demonstrate that the transaction value closely approximates to a “test” value previously accepted by the proper