It's a check valve / one way valve to stop air being blown out the ISCV when the engine is on boost (makes sense eh!)
You want to make sure that the valve is setup so that air can go in the ISCV to intake direction but cannot go in the intake to the ISCV direction.
Check the last image on my wiki also, shows 7mgte but the arrangement is similar.
I don't recall a chamfer, but I would install it in which ever fashion looked like it would interfere with the flow the least...
http://wilbo666.pbworks.com/w/page/4...CV%29%20Wiring
Cheers
Wilbo
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