Quotations & Proforma Invoices Not Binding Agreements: Not to Be Used to Redetermine Value of Imported Goods Under Customs Valuation Rules: CESTAT

The CESTAT ruled that quotations and proforma invoices are not binding agreements and should not be used to redetermine the value of imported goods under the Customs Valuation Rules. The tribunal clarified that only actual transaction values should be considered for customs valuation purposes. This decision provides clarity on the application of valuation rules and prevents the use of non-binding documents to influence the determination of the value of imported goods, ensuring accuracy and fairness in customs assessments.