MCQ on customs valuation for CA Final, CS Professional, CMA final, CMA i...

Section 14 prescribes that transaction value shall be accepted as assessable value if goods are sold, price is the sole consideration and buyer and seller are not related. Rule 10 makes certain additions to FOB value i.e. in a contract price some which are cost of transport and cost of insurance. But if not ascertained then 20% of FOB and 1.1125% of FOB shall be added to arrive at CIF value. Royalties and licence fees as a condition for sale is also a part of import value.