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2016 (9) TMI 361 - AAR - CustomsProcurement and import of technical equipment on lease - classification - Chapter 85 of First Schedule of the Customs Tariff Act, 1975 - Chapter 90 of First Schedule of the Customs Tariff Act, 1975 - Whether the applicant is eligible to claim the exemption under Notification No. 27/2002-Cus dated 01.03.2002 as amended by Notification No. 27/2008-Cus dated 01.03.2008 under the category of temporary import of leased goods? - Held that: - the benefit of Notification No. 27/2002-Cus dated 01.03.2002, as amended by Notification No. 27/2008-Cus dated 01.03.2008 can be extended provided all the conditions satisfied as mentioned in the notification - the applicant satisfying all the conditions and is eligible to claim the exemption under Notification No. 27/2002-Cus dated 01.03.2002, as amended by Notification No. 27/2008- Cus dated 01.03.2008 under the category of temporary import of leased goods. Valuation - declared value - book value - depreciated value - Held that: - It is clearly mentioned in CBEC Circular No. 25/2015-Cus that value declared by the importer has to be examined with report of Chartered Engineer as also with the depreciated value arrived in terms of said CBEC Circular dated 19.11.1987. In case, there are significant differences from such comparison, proper officer of Customs will seek explanation from the importer for justification of declared value. If proper officer is not satisfied with said justification of the importer, he may proceed to determine the value under Rule 9 ibid.
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