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2014 (3) TMI 840 - HC - CustomsRecovery of Duty drawback - failure to produce bank realisation certificates evidencing the realisation of export proceeds within the period stipulated - Rule 16A of the Drawback Rules, 1995 - Held that:- The petitioner had moved the Reserve Bank of India for granting extension of time to realise the payments of export proceeds. From the order of the Revisional Authority, it appears that the Reserve Bank had initially allowed the extension of time for realisation of the proceeds until 13 June 2013. Subsequently, on 5 March 2014 the Reserve Bank extended the time for receipt of the export proceeds until 31 March 2014 - The case of the petitioner, as set up in the writ petition, is that the petitioner has in fact realised the sale proceeds. Matter remanded back to the Revisional Authority to verify the documentary evidence which has been relied upon by the petitioner for the purposes of establishing the realisation of the export proceeds within the extended period of time as granted by the Reserve Bank of India in respect of the shipping bills covered by the duty drawback which has been received. - Decided partly in favor of assessee.
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