Is the transaction value under the Customs Valuation (Determination of Value of Imported Goods) Rules, 2007, acceptable even if goods are sold to related persons? Give reasons.

As per Rule 3(3), of Customs Valuation (Determination of Value of Imported Goods) Rules, 2007 in the following two cases the transaction value shall be acceptable even if goods are sold to related persons: the examination of the circumstances of the sale of the imported goods indicate that the relationship did not influence the price. whenever the importer demonstrates that the declared value of the goods being valued closely approximates to one of the following values ascertained at or about the same time: the transaction value of identical goods, or of similar goods, in sales to unrelated buyers in India; the deductive value for identical goods or similar goods; the computed value for identical goods or similar goods. Provided that in applying the values used for comparison, due account shall be taken of demonstrated difference in commercial levels, quantity levels, adjustments in accordance with the provisions of Rule 10 and cost incurred by the seller in sales in which he and the buyers are not related.