Tough
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 July 2013
ABC Italy and ABC India are related parties. ABC Italy is supplying axles to ABC India and ABC India in turn makes high sea sale of these axles to TAFE India, an unrelated party. Subsequently at end of the year, ABC India is paying price increase as part of transfer price adjustment to ABC Italy for the supplies made by them during the accounting year. Comment on impact of the same on the customs duty liability on the import transaction involved in above.
Please provide the answer with complete provisions.
Please provide the answer with complete provisions.
12 October 2013
the customs duty is chargeable on genuine transaction value.
https://www.cbec.gov.in/customs/cs-circulars/cs-circulars10/circ11-2k10-cus.htm
https://www.cbec.gov.in/customs/cs-circulars/cs-circulars10/circ11-2k10-cus.htm
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Fixe term employment
- Is any professional CA is here please reply
- Section 50-fixed asset-->building ceases to exist
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Gift Received from nonblood relative
- Reprocessing of rectification order AY 2025-26
- FTS Taxable under 115A
- Experts need help
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
