Account maintenance for specified goods creates a presumption of illegal export when stock shortages are found on verification. Persons owning, possessing or controlling specified goods within a specified area must maintain a true and complete account in the prescribed form, update it on acquisition or transfer, and keep it with the goods at the storage place. Where such goods are used in manufacture, a separate account of the goods so used must be maintained at the intimated place. If verification shows a shortage against the accounts, a presumption arises that the missing goods were illegally exported and that the person was concerned in that illegal export.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Account maintenance for specified goods creates a presumption of illegal export when stock shortages are found on verification.
Persons owning, possessing or controlling specified goods within a specified area must maintain a true and complete account in the prescribed form, update it on acquisition or transfer, and keep it with the goods at the storage place. Where such goods are used in manufacture, a separate account of the goods so used must be maintained at the intimated place. If verification shows a shortage against the accounts, a presumption arises that the missing goods were illegally exported and that the person was concerned in that illegal export.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
