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2013 (8) TMI 473 - HC - CustomsProvisional Assessment - Held that:- The assesse was directed to deposit 20% of the provisional assessment duty in cash or by way of demand draft as the case may be - For remaining amount of duty assesse shall furnish a bond along with bank guarantee. Conditions for allowing provisional assessment - Following the Judgement of Mohammed Fariz and Co. Vs. Commissioner of Customs [2011 (3) TMI 1338 - KERALA HIGH COURT ] - Where the proper officer on account of any of the grounds specified in section 18(1) of the Customs Act, 1962 was not able to make a final assessment of the duty on the imported goods or the export goods, as the case may be, he shall make an estimate of the duty that is most likely to be levied hereinafter referred to as the provisional duty - If the importer or the exporter, as the case may be, executes a bond in an amount equal to the difference between the duty that may be finally assessed and the provisional duty and deposits with the proper officer such sum not exceeding twenty per cent of the provisional duty, as the proper officer may direct, the proper officer may assess the duty on the goods provisionally at an amount equal to the provisional duty. Surety or security of the bond — The proper officer may require that the bond to be executed under these regulations may be with such surety or security, or both, as he deems fit - assesse shall further execute a bond that penalty was also imposed upon the assesse in respect of undervaluing the goods.
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