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2016 (12) TMI 963 - AT - CustomsValuation - related party transaction - whether appellant M/s. Concept Pharmaceuticals Ltd. (India) is related to Concept Pharmaceuticals Ltd., Nepal? - Held that: - it is observed from the facts recorded in para 8.4 of Order-in-Original dated 15/7/2002 that Concept Pharmaceuticals Ltd. holds 20% and 7.13% shares in both the sister concerns situated in Nepal and India. Ld. Advocate could not clarify as to how in spite of holding of more than 5% shares both the parties should not be considered as a related persons under Rule 2 (2) (iv) of the Customs Valuation Rules, 1988. It is observed from the provisions of Rule 2 (2) (iv) of the Customs Valuation Rules, 1988 that when any person directly or indirectly holds/owns 5% or more of the shares of both the companies then such concerns will be treated as related persons - supplier and the importer are related persons. Method of valuation - Held that: - the valuation of the imported goods in the present proceedings should be done under Rule 7A of the Customs Valuation Rules, 1988 as both supplier and the importer are related persons. The appellant should furnish all the relevant data/cost of the imported goods to the Adjudicating authority, as prescribed under Rule 7A of the Customs Valuation Rules, 1988 read with the interpretative notes relied upon by the appellant. Needless to say that an opportunity of personal hearing should be extended to the appellant to explain their case. Appeal allowed by way of remand.
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