MCQ Customs Import Valuation Rules for CA Final, CS Professional, CMA fi...

Generally transaction value is assessable value. But as per Rule 3 of import valuation rules, proper office may not accept transaction value as assessable value if certain restrictions and conditions are put in disposal of imported goods. Also where buyer and seller are related then also transaction value may not be accepted. As per Rule 12 of import valuation rules proper officer may reject the transaction value. Where transaction value is rejected following rules shall be followed sequentially.
Rule 4: Value of identical goods
Rule 5: Value of similar goods
Rule 7: Deducted Value
Rule 8: Compute Value
Rule 9: Residual method.
Similarly there are export valuation rules.