Explaining the rules on who evaluates imported goods from related party

Questions from exporter, travel agent, packing company about taxes answered.

We are an EOU in Rajasthan. We want to import machinery from our joint venture partner (49 per cent shareholder in the EOU). We want to understand how the custom clearance, Bill of Entry, etc will be complied with. Do any specific rules or compliances need to be complied with?

This will be an import from a related party. The Customs Valuation laws require such transactions to be examined as to whether the relationship has influenced the price. The Central Board of Excise and Customs had issued detailed instructions vide Circular Nos. 1/98-Customs, dated January 1, 1998, 11/2001-Customs, dated February