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2009 (1) TMI 246 - AT - CustomsWarehoused goods – interest – 5 working days – held that - goods are warehoused the period of warehousing is governed by Section 61 of the Customs Act, 1962. The very purpose of warehousing is to postpone the duty demand. It is a facility given by the Revenue to the importers. In terms of the Section 61, the initial warehousing period is 90 days. That means, if any, clearance is made within the initial warehousing period, only duty has to be paid and not interest - period of 5 days from the date of return of the assessed Bills of Entry under Section 47 applies to the Bills of Entry for home consumption only
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