TaxTMI 
TaxTMI 
Non-production of logged DEEC Book
X X X X Extracts X X X X
X X X X Extracts X X X X
.... it was clarified that if the duty free licence holder had produced all the necessary documents (like shipping bill, Bank Certificate of Exports and Realization) and accordingly has produced evidence of completion of 100% of export obligation then in such a case non production of duly logged DEEC Book should not result in such a licence holder being declared defaulter. This clarification was in vi....
X X X X Extracts X X X X
X X X X Extracts X X X X
....with Customs Authorities. A valid presumption is raised that possibly in such cases the exporter may have wrongly availed MODVAT credit and, therefore, if the same MODVAT credit is not refunded to Customs logging of DEEC Book may not be possible. Similarly mis-declaration of value may be the another reason why the DEEC books may not be logged by the Customs. In all such cases the above Policy Circ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....sary action must be taken without invoking the Policy Circular cited above. 3. Cases covered under Public Notice No. 5 dated 6th April, 1999 Under this Public Notice one time extension was provided for fulfillment of export obligation. Such extension of time has already expired and B.G will be valid up to 31.3.2002. In all such cases BG had to be forfeited in the event of non-fulfillment of expor....
X X X X Extracts X X X X
X X X X Extracts X X X X
....cy provision etc., should be sent to Audit for dropping the audit objection. If Audit objections are acceptable, action may be taken immediately for settlement of these objections through recovery etc. Progress in settlement of these objections may be intimated to Additional DG(Statistics), and a consolidated report(s) on this issue may be forwarded by the Zonal offices to Headquarters, in respect....