VALUATIONS UNDER CUSTOMS :
Once the duty liability arises, such duty can be calculated only on the assessable value. As per section 2 (41 ) of the Customs Act ,1962 the term ‘Value’ means in relation to any goods as the value thereof determined in accordance with the provisions of sections 14 (1 ) & 14(2 ) of the Customs Act,1962.
As per section 14 (1 ) of the customs act,1962 valuations based on ‘transaction value’ is applicable for export as well as imported goods.