(1) Where, owing to a circumstance beyond his or her control, an importer is not able to forthwith submit documents of cost, insurance or related costs incurred in the importation of any goods, the importer may submit an application, accompanied by the reason for the same, to the Customs Officer for the fixation of the estimated amount of such freight, insurance or other related expenses.
(2) Where, in inquiring into the application referred to in sub- section
(1), the contents appear to be reasonable, the Customs Officer may fix the estimated amount for freight, insurance or other related expenses likely to be included in the transaction value of such goods.
(3) The concerned importer shall submit documents and evidence relating to the actual freight, insurance and other related expenses no later than ninety days after the date of fixation of the estimated amount of freight, insurance or other related costs pursuant to Sub-section (2). If the amount set forth in the documents and evidence so submitted is more than the estimated amount fixed pursuant to Sub-section (2), the importer shall pay the duty chargeable on such excess value, and if it is less than that, the Customs Office shall refund the remaining amount, upon deduction of the chargeable duty, to the importer.
(4) Where the concerned importer fails to submit documents and evidence within the period referred to in Sub-section (3) or unless it is proved otherwise, the estimated amount fixed by the Customs Officer pursuant to Sub-section (2) shall be considered as the final amount of such freight, insurance or other related costs.