Regarding material purchase from out side india

This query is : Resolved

sarzad (Querist)
Follow

05 March 2013 Sir,

Suppose I Have Imported 100 MT Scrap @ $426/-= $42600 from China,

Now when its come to India , Our Customs department raise a Bill of Entry by valuing is Exchange Rate @ Rs. 56.51/ per USD as on date.

Now Custom deppt Calculats Custom Duty as Follow
100 MT Scrap @ $ 426/MT = $42600 x Rs. 56.51 = Rs. 2407326.00
Add : 1% 24073.26
------------
Rs. 2431399.26
Add : CVD@12.36% 300520.95
Addl Duty 109276.81
===========
Net Bill of Rs. 2841197.02
Entry value

Now A FLC of $ 42600 has been opend for Payment.

Now my Question : by what Value I will Book for Purchase of Scrap in my Books of Account ?

is there any rule Provide by Accounting Standards,

thanks