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TMI BlogComputation of freight of time chartered/daughter vessel and its inclusion in the assessed value as extended cost of transportationX X X X Extracts X X X X X X X X Extracts X X X X ..... Mumbai on 1.10.05 and Board meeting dated 28.11.2005 - reg Circular No.04/2006 F.No.467/79/2005-Cus.V Government of India Ministry of Finance Department of Revenue CBEC 12th January, 2006 Sub:- Computation of freight of time chartered/daughter vessel and its inclusion in the assessed value as extended cost of transportation - decision taken in the Chief Commissioners of Customs Conference ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... voyage basis but on monthly hire basis. In addition to the charter hire, the industry bears the cost of bunkers and the port charges for these vessels. Consequently, the actual transportation cost for any particular voyage cannot be directly identified. 2. The issue regarding computation of freight of time chartered/daughter vessel and it's inclusion in the assessable value was taken up in detai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation Rules require addition of freight, insurance, loading, unloading and handling expenses on the basis of objective and quantifiable data which are available in the form of independent and objectively calculated WS rates and AFRA (Average Freight Rate Adjustment). 4. The above issue was discussed in the Chief Commissioner's Conference held on 1st October 2005 at Mumbai. The conference agreed t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... clear that the data in respect of these calculations should be submitted by the respective importers to the satisfaction of the assessing officer. Accepting services by the Cost Accountant's may also be considered by the respective Commissionrates depending upon the extent of complexity of the cases. 5. The matter has been considered by the Board and it has been decided that all pending cases in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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